Moody's rates Phillips 66 Baa1

Moody's Investors Service said it assigned a Baa1 issuer rating to Phillips 66 Co., which is equal to the senior unsecured debt rating of Phillips 66, its parent holding company.

Phillips 66 is the large independent refining and diversified downstream energy company created by ConocoPhillips in a spin-off to shareholders in May 2012.

Phillips 66 Co. guarantees the parent company debt and has very little subsidiary debt, primarily limited to industrial revenue bonds.

The outlook is stable.

Moody's said the Baa1 long-term debt rating and stable outlook reflect a consolidated analysis that factors in Phillips 66's scale and geographic diversification as an independent refining and marketing company, as well as sizeable investments in midstream and chemicals and an outlook for free cash flow over the next few years.

© 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.