| Add to balance / Manage account | User: | Log out |
| Prospect News home > News index > List of issuers H > Headlines for Holly Corp. > News item |
S&P: Holly, Frontier on positive watch
Standard & Poor's said it placed the BB ratings on Holly Corp. and Frontier Oil Corp. on CreditWatch with positive implications.
The agency also said it placed the BB- ratings on Holly Energy Partners LP on CreditWatch with positive implications.
The actions follow news that Holly and Frontier plan to execute an all-stock merger of equals, valuing the combined entity, HollyFrontier Corp., at about $7 billion.
The actions reflect the improved business risk profile resulting from the merger, notably the much-improved scale of operations and market diversity achieved, S&P said.
The agency said it expects both companies to maintain above-average margins and resulting financial performance thanks to their favorable market positions, the agency said.
The actions on Holly Energy reflects Holly Corp.'s 34% ownership and Holly Energy's dependence on Holly Corp. for the majority of its cash flow and earnings, S&P 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.