Moody's shifts Phillips 66's view to stable

Moody's Investors Service said it changed the outlooks for Phillips 66 and Phillips 66 Co. to stable from negative and affirmed both companies' A3 issuer ratings and Phillips 66's A3 senior unsecured rating.

"The change in outlook to stable reflects the improvement in Phillips 66's operating results and our expectation that its credit metrics will continue to improve in 2022," stated James Wilkins, a Moody's vice president, in a press release.

"In 2021, the company returned to generating positive free cash flow and plans to reduce debt to pre-pandemic levels," Wilkins said.

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