Moody’s changes HollyFrontier to stable

Moody's Investors Service said it changed HollyFrontier Corp.'s outlook to stable from negative and affirmed its Baa3 senior unsecured and long-term issuer ratings.

Moody’s said the outlook change reflects improving operating performance and credits metrics driven by better crack spreads versus the low levels witnessed in 2016-17.

More recently, the company is benefitting from favorable crude procurement driven by the wider than usual differentials from various North American oil producing regions, the agency noted.

"HollyFrontier's consolidated leverage will continue improving in 2018-19 because of the increased EBITDA contribution from its refineries which are capable of distilling a variety of advantaged crudes and will benefit from robust demand fundamentals domestically," Moody's vice president Arvinder Saluja said in a news release.

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