Fitch affirms HollyFrontier

Fitch Ratings said it affirmed the BBB- long-term issuer default rating and senior unsecured notes ratings of HollyFrontier Corp.

The outlook is stable.

“The ratings reflect the company's advantaged refining locations with access to discounted inland crudes, conservative financial policy as well as some diversification benefits from its higher margin specialty products business and distributions from its limited partnership interest in Holly Energy Partners (HEP), a logistics MLP,” Fitch said in a news release.

“Credit concerns include the relatively limited scale of several of the company's individual refineries, the historical volatility of the refining sector and exposure to volatile Renewable Identification Numbers (RINs) costs.”

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