Moody’s cuts Koch Resources, rates Koch Industries

Moody’s Investors Service said it assigned Koch Industries, Inc. an Aa3 issuer rating and a Prime-1 commercial paper rating.

The agency downgraded Koch Industries subsidiary Koch Resources, LLC's issuer rating to A1 from Aa3 and affirmed its Prime-1 commercial paper rating.

Moody's also affirmed Koch Resources subsidiary Flint Hills Resources, LLC's A1 issuer rating and Prime-1 commercial paper rating.

The outlook is stable.

"Koch Industries, Inc. is one of the largest privately-owned companies in the U.S., and one whose culture is defined by a high degree of operating and financial discipline," Andrew Brooks, Moody's vice president, said in a news release.

"Subsidiary company debt levels are modest, mitigating structural subordination, with substantial liquidity at KII expected to significantly exceed KII's stand-alone and consolidated debt levels."

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