S&P rates Phillips 66 BBB

Standard & Poor's said it assigned its BBB/Stable/A-2 corporate credit rating to Phillips 66 Co. The outlook is stable.

The agency said the rating on Phillips 66 Co. reflects S&P's assessment of the company's business risk profile as satisfactory and financial risk profile as intermediate, as well as its position as a large oil refining and marketing company with extensive midstream energy and chemical operations.

"Phillips 66 Co.'s business risk profile gets support from the company's large oil refining and marketing operations and the resulting economies of scale," said S&P credit analyst Mark Habib in a news release.

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