S&P lifts Phillips 66 view to positive

Standard & Poor's said it revised the outlook on Phillips 66 and Phillips 66 Co. to positive from stable.

The agency also said it affirmed the companies' corporate credit rating at BBB and short-term rating at A-2.

The outlook revision reflects the companies' continued strong operating performance and diversification into midstream energy and chemicals, which are expected to contribute at least 50% of consolidated EBITDA, S&P said.

The key drivers of revenues and cash flow for the midstream and chemicals segments, while still cyclical, are not highly correlated from those in refining and generally offer better growth prospects, the agency said.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.