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S&P upgrades Gary-Williams
Standard & Poor's said it raised its corporate credit rating on Gary-Williams Energy Corp. to B+ from B. The agency said it removed the ratings from CreditWatch, where they were placed with positive implications on Nov. 3.
"The rating action follows the completion of Coffeyville Resources LLC's acquisition of Gary-Williams," said S&P credit analyst Marc Bromberg in a news release.
In conjunction with the transaction, Coffeyville's parent CVR Energy has paid off Gary-Williams' term loan, which was about $50 million on Sept. 30, according to S&P.
The outlook on Gary-Williams is stable, which is consistent with the outlook on Coffeyville.
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