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S&P ups HollyFrontier, Frontier Oil
Standard & Poor's said it raised the corporate credit rating and senior unsecured debt ratings on HollyFrontier Corp. to BB+ from BB and removed the ratings from CreditWatch, where they were placed with positive implications on Feb. 24 following the announcement of the merger between Holly Corp. and Frontier Oil Corp.
The recovery rating on HollyFrontier's senior unsecured debt is 3, indicating meaningful (50% to 70%) recovery in the event of a payment default.
The outlook is stable.
S&P also raised the corporate credit rating and senior unsecured ratings on Frontier Oil to BB+ from BB. The ratings were removed from CreditWatch, where they were placed with positive implications on Feb. 24, following the announcement of the merger.
S&P also raised the corporate credit rating on 34% owned Holly Energy Partners LP to BB from BB-.
The ratings on HollyFrontier reflect the company's improved asset and market diversification following the merger of Holly and Frontier Oil as well as the expectation that HollyFrontier will maintain the moderate financial policies of Holly and Frontier Oil, the agency said.
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