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S&P: Holly, Frontier Oil remain on positive watch
Standard & Poor's said the ratings on Holly Corp. and Frontier Oil Corp. will remain on CreditWatch, where they were placed with positive implications in February following news that Holly and Frontier plan to execute an all-stock merger of equals.
The planned merger, if completed as initially outlined, would result in an upgrade to BB+ with a stable outlook for the combined entity, HollyFrontier Corp., and an upgrade of Holly Energy Partners LP's corporate credit rating to BB from BB-.
The potential upgrade reflects the improved business risk profile resulting from the merger, notably the improved scale of operations and market diversity achieved, S&P said.
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