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S&P upgrades HollyFrontier
Standard & Poor's said it raised its corporate credit rating on HollyFrontier Corp. and subsidiary Frontier Oil Corp. to BBB- from BB+.
The outlook is stable.
At the same time, S&P raised the issue-level rating on HollyFrontier's senior unsecured debt to BBB- from BB+.
The upgrade reflects HollyFrontier's long track record of being among the most profitable refineries in the U.S. combined with very conservative financial measures that it has sustained throughout the cycle, the agency said.
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