S&P upgrades Delek Logistics

S&P said it raised its corporate credit rating on Delek Logistics Partners LP to BB- from B+ and raised its senior unsecured issue-level rating to B+.

The 5 recovery rating indicates an expectation for modest (10%-30%; rounded estimate: 10%) recovery in the event of a default.

The agency also raised the senior secured issue-level rating on the partnership's $700 million revolving credit facility to BB+ from BB. The 1 recovery rating indicates an expectation for very high (90%-100%; rounded estimate: 95%) recovery.

The outlook is stable, and the b stand-alone credit profile is unchanged.

S&P said the action reflects a view that the partnership is strategically important to Delek US Holdings Inc., which was recently assigned a BB corporate credit rating.

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