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Moody's rates HollyFrontier notes Baa3
Moody's Investors Service said it assigned Baa3 ratings to HollyFrontier Corp.'s proposed senior unsecured notes due in 2023 and in 2030.
"While HollyFrontier's renewable diesel projects will modestly diversify its business profile and improve its ESG profile over time, this financing transaction will increase HollyFrontier's debt and weaken its leverage profile," said Arvinder Saluja, a Moody's vice president, in a press release. "However, the debt increase was anticipated and is incorporated in the company's negative rating outlook."
The proceeds will primarily be used to pre-fund capital spending pertaining to its planned renewable diesel projects.
HollyFrontier's other ratings and negative outlook remain unchanged.
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