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Moody's may cut Merey Sweeny
Moody's Investors Service said it placed on review for downgrade the Baa2 long-term debt rating of Merey Sweeny LP and the Baa1 long-term debt rating of Excel Paralubes.
The agency also said it affirmed Excel's prime-2 commercial-paper rating.
The review of the two joint ventures, both of which are 50% owned by ConocoPhillips, are in response to the company's plan to spin off its downstream operations to shareholders in 2012, Moody's said.
ConocoPhillips' A1 long-term debt rating also is under review following the spin-off news, the agency said.
The review reflects uncertainty over the standalone credit quality of the future independent refining company, Moody's said.
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