S&P affirms Western Refining

Standard & Poor's said it affirmed its rating on Western Refining, Inc., including the B corporate credit rating, and removed it from Creditwatch, where it had been placed with negative implications on March 9.

The outlook is negative.

"The rating actions are based on its expectation that Western will maintain sufficient liquidity [which ranged from $250 million to $300 million in April and early May] to meet its significant fixed spending requirements, which we expect to total $250 million for full-year 2010," said credit analyst Marc Bromberg.

Additionally, the agency said it believes that Western would sell assets to raise liquidity in the event that conditions do not materially improve by the end of the year.

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