Moody's rates A3 Phillips 66 notes A3

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

Phillips 66's other ratings, including the A3 long-term issuer and senior unsecured ratings, and the stable outlook are unchanged.

Proceeds will be used to refinance upcoming maturing debt.

"Phillips 66's issuance of notes will refinance notes maturing in April 2022 without impacting its leverage," commented James Wilkins, a Moody's vice president and senior analyst, in a press release. "With the debt issuance, the company will extend its average debt maturity, but will continue to have the ability to repay meaningful amounts of debt in 2022 with free cash flow, improving its leverage metrics."

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