S&P rates Phillips 66 BBB

Standard & Poor's said it assigned a BBB long-term and A-2 short-term corporate credit ratings to Phillips 66.

The outlook is stable.

Phillips 66 is a subsidiary of ConocoPhillips formed in 2011.

ConocoPhillips is spinning off the company through a distribution of its common stock to its shareholders in a transaction it expects to complete during the second quarter of this year.

The ratings reflect the company's satisfactory business risk profile and intermediate financial risk profile, as well as its position as a large oil refining company with extensive midstream and chemical operations, S&P said.

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