S&P revises Marathon Petroleum view to negative

S&P said it revised the outlooks for Marathon Petroleum Corp. and MPLX to negative from stable, but affirmed their BBB ratings.

“We expect Marathon's credit metrics to deteriorate from 2019 levels due to the lockdowns resulting from the coronavirus pandemic and the ensuing economic impact and decline in demand. Since the lockdowns started, limited travel has depressed demand for refined products (i.e. jet fuel and gasoline) and only diesel consumption remains within historical ranges. We expect consolidated leverage to increase above 6x in 2020 as earnings are materially affected by this demand destruction,” S&P said in a press release.

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