Moody's gives Baa3 to HF Sinclair's notes

Moody's Investors Service said it assigned Baa3 senior unsecured ratings to HF Sinclair Corp.'s planned notes to be issued in exchange for HollyFrontier Corp. notes through an exchange offer by HF Sinclair, its new publicly traded parent. The other ratings and stable outlook at both HF Sinclair and HFC remain unchanged.

“HF Sinclair's Baa3 unsecured rating and Baa3 issuer rating reflect the company's long track record of conservative financial policies with historically low leverage, financial performance that has been one of the strongest in the refining industry and its complementary logistics capability,” Moody’s said in a press release.

The debt exchange is expected to be completed by the end of April. Afterwards, the ratings for any HFC notes that were offered in the exchange that remain outstanding will likely be withdrawn, Moody’s said.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.