Moody’s rates HollyFrontier notes Baa3

Moody's Investors Service said it assigned a Baa3 rating to HollyFrontier Corp.’s proposed $500 million offering of senior unsecured notes.

Proceeds are likely to be used for general corporate purposes including capital expenditures.

The agency also affirmed HollyFrontier’s Baa3 issuer rating.

The outlook is stable.

Moody’s said the Baa3 issuer rating reflects the company's long track record of conservative financial policies with low leverage, financial performance that has been one of the strongest in the refining industry and its complementary logistics capability. The rating is also supported by the strategic location of HollyFrontier’s refining assets, which allows for access to discounted crudes in the current commodity price environment and an ability to process a high proportion of heavy crude.

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