Moody’s changes Koch, Flint Hills view

Moody's Investors Service said it changed Koch Resources LLC's outlook to stable from negative and affirmed its Aa3 issuer rating and Prime-1 commercial paper rating.

At the same time, the agency changed Flint Hills Resources LLC's outlook to stable from negative and affirmed its A1 issuer rating and Prime-1 short term issuer rating.

"Koch Resources' stable outlook reflects its return to a significantly sized net-debt free position following outsized distributions of cash to KII and KII-affiliates to assist the funding of several large investments on the part of its parent," Andrew Brooks, Moody's vice president, said in a news release.

"The rating affirmation reflects the long-standing strength of KRLLC's operating profile and conservative financial policy. KRLLC has rebuilt its net-debt free position largely through retained earnings, which we expect to continue to expand absent any future large cash distributions, which are unanticipated."

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