Moody’s: HollyFrontier view to negative

Moody’s Investors Service said it changed HollyFrontier Corp.’s outlook to negative from stable and affirmed it’s Baa3 senior unsecured and long-term issuer ratings.

“HollyFrontier’s renewable diesel projects will modestly diversify its business profile and improve its ESG profile,” said Arvinder Saluja, a Moody’s vice president, in a press release.

“However, the change in the rating outlook reflects that this will also reduce its crude distillation capacity and that the anticipated increase in debt will weaken its leverage profile amidst a weak refining industry backdrop,” Saluja said.

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