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S&P ups Phillips 66 Partners
S&P said it raised Phillips 66 Partners LP’s issuer credit and issue-level ratings to BBB+ from BBB and removed the ratings from CreditWatch, where it placed them with positive implications on Oct. 29.
The upgrades follow the closing of Phillips 66's acquisition of Phillips 66 Partners, the agency said.
“We raised our issuer credit rating on Phillips 66 Partners to BBB+ with a stable outlook to equalize it with the rating on Phillips 66 because we now consider Phillips 66 Partners to be a core entity of Phillips 66. We also raised the ratings on Phillips 66 Partners' unsecured debt to BBB+,” S&P said in a press release.
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