S&P rates Holly Energy notes B+

Standard & Poor's said it assigned its BB- corporate credit rating to Holly Energy Partners LP. At the same time, S&P assigned its B+ senior unsecured debt rating to Holly Energy's proposed $150 million senior unsecured notes due 2015. The outlook is stable.

S&P said the ratings on Holly Energy reflect its limited customer diversification, a somewhat aggressive financial profile, the likelihood of future acquisitions as the company continues to grow and the general partnership ownership by Holly Corp.

In addition, S&P said the ratings include the stability provided by long-term contracts for revenue and volume.

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