Moody's: Wynnewood Refining view to negative

Moody's Investors Service said it affirmed Wynnewood Refining Co.'s corporate family rating at B2, probability of default rating at B3 and $110 million term loan due 2014, guaranteed by Gary-Williams Energy Corp., at B2 (LGD3, 39%).

The outlook was changed to negative from stable.

The negative outlook reflects weaker-than-anticipated operating performance as a result of down-cycle conditions more severe than initially expected, Moody's said.

If the weak refining sector conditions persist, the agency said it may downgrade ratings.

Moody's also said it is concerned that the company faces compliance issues with its financial covenants in its bank credit facilities.

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