Moody’s rates Phillips 66 notes A3

Moody’s Investors Service said it assigned an A3 rating to Phillips 66’s proposed offering of senior notes.

Proceeds will be used for general corporate purposes.

“Phillips 66’s issuance of notes will enhance its liquidity while it is generating reduced profit margins in 2020,” said James Wilkins, a Moody’s vice president and senior analyst, in a press release. “We expect the company will eventually repay debt maturing in 2021 and 2022, such that debt levels will not have increased significantly over year-end 2019 levels.”

Phillips 66’s ratings, including the A3 issuer and senior unsecured ratings and stable outlook are unchanged, Moody’s said.

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