S&P upgrades Gulfport Energy

S&P said it raised Gulfport Energy Corp.’s issuer rating to B from B- and the issue-level rating on the senior unsecured debt to B+ from B. The 2 recovery rating on the notes is unchanged.

“We expect Gulfport Energy Corp. to maintain strong financial measures over the next 12 months under our base case assumptions, including FFO to debt of about 100% and debt to EBITDA of 1x or less. In addition to robust natural gas and crude oil prices, we expect financial performance will benefit from Gulfport's focus on maintenance capital spending, free cash flow, and keeping returns to shareholders within cash flows–up to $200 million in share repurchases have been approved. Our expectation for continued strong financial performance supports the upgrade,” S&P said in a press release.

The outlook is stable.

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