S&P ups United Refining notes

Standard & Poor's said it raised its issue-level rating on United Refining Co.'s 10½% senior secured notes due 2018 to BB- from B+ and revised the recovery rating on the notes to 2 from 3. The 2 recovery rating indicates an expectation for substantial (70% to 90%) recovery if a payment default occurs.

The B+ corporate credit rating on United Refining is unchanged, and the outlook is stable.

"The stable outlook reflects our expectation that refining conditions, in particular WTI-based crack spreads, will remain favorable for United Refining Co. during the next 12 to 18 months given its exposure to WTI-based crudes," said S&P credit analyst Michael Grande in a news release.

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