Fitch rates Gulfport Energy B

Fitch Ratings assigned a first-time long-term issuer default rating of B to Gulfport Energy Corp.

Fitch has also assigned a BB/RR1 rating to Gulfport's first-lien revolver and term loan and a BB-/RR2 to the senior unsecured notes.

The rating outlook is positive.

Gulfport's rating reflects the company's emergence from bankruptcy with leverage expected below 2x along with materially reduced firm transportation costs. The company is expected to be free cash flow positive over the ratings horizon and further debt reduction is expected.

These factors are offset by relatively short maturity dates for the revolver and term loan, substantial quarterly amortization on the term loan, modest liquidity, and an average hedging program.

The positive outlook reflects the expectation of improved liquidity, positive free cash flow, and improved netbacks following the emergence from bankruptcy.

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