S&P: Holly Energy notes BB-

Standard & Poor's said it assigned a BB- rating to Holly Energy Partners LP's $300 million senior unsecured notes offering. The recovery rating on the notes is 5, indicating expectations of a modest recovery in the event of a payment default.

According to S&P, the company intends to use net proceeds to repay $185 million of 6¼% notes due 2015 and to repay the $72.9 million in principal remaining on two promissory notes that were issued to wholly owned subsidiaries of HollyFrontier Corp.

The corporate credit rating is BB and the outlook is stable.

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