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Fitch hikes, pulls Holly Energy
Fitch Ratings said it upgraded the long-term issuer default rating of Holly Energy Partners, LP (HEP) to BBB- from BB+ and the issue-level ratings of the senior unsecured notes which are co-issued by HEP and Holly Energy Finance Corp. to BBB- from BB+/RR4 following the company's acquisition by HF Sinclair Corp.
Fitch rates HF Sinclair and its debt BBB-.
The agency concurrently said it removed the rating watch positive, assigned a stable outlook and subsequently withdrew the IDR of HEP following the closing of the debt exchange of HEP for HF Sinclair's debt.
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