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Prospect News home > News index > List of issuers H > Headlines for Holly Energy Partners LP > News item |
Fitch assigns HF Sinclair BBB-
Fitch Rating said it assigned a first-time long-term issuer default rating of BBB- to HF Sinclair Corp. The company is the new parent holding company of Holly Energy Partners LP and HollyFrontier Corp. (HFC) after their acquisitions of Sinclair Oil Corp. and Sinclair Transportation Co.
Fitch also affirmed the existing long-term IDR and senior unsecured ratings of Holly Frontier at BBB-.
“Fitch equalized the ratings of HF Sinclair with that of HollyFrontier. Under our parent-subsidiary linkage analysis, Fitch views subsidiary HFC as the stronger entity, as the bulk of existing assets are held there. Fitch deemed the legal ringfencing between these two entities as open as we anticipate any future debt issued at the HF Sinclair level will be governed by indentures similar to HFC's existing investment grade indentures, which are covenant light and do not impose material restrictions on intercompany flows,” Fitch said in a press release.
The outlook is stable for both entities.
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