On July 21, 2003, Standard&Poor's Ratings Services assigned its 'BB-' corporate credit rating to petroleum company Hilcorp Energy I L.P. Standard&Poor's also assigned its 'B' rating to Hilcorp's proposed $350 million senior unsecured notes maturing in 2010. The outlook on Hilcorp is stable. Texas-based Hilcorp will have about $510 million of total debt pro forma for the notes offering. The ratings on Hilcorp reflect a below-average business profile and aggressive financial leverage. Hilcorp is a privately held, small, independent petroleum company engaged in the acquisition, development, and production of crude oil and natural gas in Texas and South Louisiana. The cyclical and capital-intensive nature of the petroleum industry contributes to Hilcorp's below-average business profile. Hilcorp's business
