S&P affirms HollyFrontier

S&P said it affirmed its BBB- corporate credit rating on HollyFrontier Corp.

The outlook is stable.

“The stable outlook reflects our belief that the company will successfully execute the acquisition and finance it in a manner that will result in consolidated leverage of about 1.5x under midcycle conditions and about 2.5x in a trough and recognizes that both its EBITDA and refining margins can be highly volatile,” said S&P credit analyst Michael Grande in a news release. “We also expect HollyFrontier to maintain ample liquidity, including a sizable cash position, during periods of weak refining margins.”

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