Ratings were assigned as B–/B3 as expected, with positive and stable outlooks, respectively, and a 5H recovery rating from S&P Global Ratings, indicating an expectation for the higher end of modest recovery (20–30%) in the event of default. The assignments from S&P Global Ratings follow a revision of the outlook from stable, reflecting "reserve and production growth" and an expectation the company "will continue to expand development of its acreage without adding significant debt leverage to its financial risk profile," according to S&P Global Ratings credit analyst Michael Tsai.