S&P: Giant Industries unaffected

Standard & Poor's said its ratings and outlook on Giant Industries Inc. (B+/positive) are unaffected by the announcement that production at Giant's Yorktown, Va., refinery has stopped due to a fire near the refinery's fluid catalytic cracker. Giant is assessing the full scope of the damage.

At this time, S&P believes that Giant's cash on hand, available borrowing capacity (roughly $266 million at Sept. 30), expected cash flows generated by its Four Corners refineries and business interruption insurance should be adequate to cover near-term planned capital expenditures and interest expense.

The refinery shutdown is not expected to be prolonged, the agency said. However, if the extent of the damage and required downtime materially increase, the ratings and outlook on Giant would be reassessed.

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