Standard&Poor's Ratings Services is reviewing all U.S.-rated oil and gas exploration and production companies following the reduction in our oil and natural gas price assumptions. Based on the revised assumptions, we are lowering the corporate credit rating on Laredo Petroleum Inc. to 'B' from 'B+'. At the same time, we are lowering our issue-level ratings on Laredo's senior unsecured debt to 'B-' from 'B'. The recovery rating remains '5'. The stable outlook reflects our expectation that Laredo will be able to maintain adequate liquidity and credit measures appropriate for the current rating over the next one to two years. On Jan. 22, 2016, Standard&Poor's Ratings Services lowered its corporate credit rating on Tulsa, Ok.-based exploration and
