S&P upgrades Carrizo

Standard & Poor's said it raised its corporate credit rating on Carrizo Oil & Gas Inc. to B+ from B.

The outlook is stable.

At the same time, the agency raised its issue level rating on the company's senior unsecured debt to B from B-. The 5 recovery rating on this debt remains unchanged, reflecting an expectation of modest (10% to 30%) recovery in the event of payment default.

S&P said the action reflects its revision of growth rate assumptions in Carrizo's oil production and reserves in 2015 following the company's continued drilling success in the Eagle Ford Shale. In the first six months of 2014, Carrizo's oil and liquids production increased to 18,800 barrels of oil equivalent (boe) per day on average from 11,700 boe per day in the same period last year.

The company expects to achieve oil production growth of 57% in 2014 compared with an initial guidance of slightly more than 40%.

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