S&P changes Delek view to negative

S&P said it revised the outlooks for Delek US Holdings Inc. and Delek Logistics Partners LP to negative from stable.

“The negative outlook on Delek US reflects our expectation that 2021 adjusted leverage will remain above 4x in 2021, given the expectation of weak refining margins during the first half of 2021. The negative outlook on Delek Logistics reflects that of Delek US, as we would not rate Delek Logistics higher than its parent,” S&P said in a press release.

The agency affirmed Delek US’ BB issuer and BB+ senior secured term loan ratings. The 2 recovery rating is unchanged.

S&P also affirmed the BB- ratings on Delek Logistics and its senior unsecured notes. The 4 recovery rating is unchanged. The partnership’s senior secured rating on its revolver was affirmed at BB+. The 1 recovery rating is unchanged.

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