We view the industry's exposure to volatile and cyclical commodity prices as a primary factor in the company's credit quality. Size improves the company's overall cost structure, and its diversified structure should lower the potential effect of basin specific risk such as outsized commodity price differentials. Our stable outlook on Hilcorp Energy I LP reflects the expectation that the partnership will maintain steady operating performance in its core regions while maintaining debt to EBITDA of 3x or less and funds from operations (FFO) to debt averaging in excess of 30% over the next two years. We could lower ratings if Hilcorp's FFO to debt falls to less than 30% with no near-term remedy. This would most likely occur if commodity
