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Moody's: Phillips 66 at Baa1
Moody's Investors Service said it assigned a Baa1 issuer rating to Phillips 66, the newly formed independent refining and marketing company that will be spun off from ConocoPhillips to shareholders in May 2012.
The outlook is stable.
At the same time, Moody's said that it expects to confirm ConocoPhillips' A1 long-term debt rating upon completion of the spin-off, assuming the transaction takes place largely in line with current expectations.
Moody's said the Baa1 issuer rating reflects Phillips 66's consolidated credit quality, including its scale and geographic diversification as an independent refining and marketing company, an outlook for free cash flow over the next few years and the expectation that the company can further reduce its balance sheet debt in the medium-term to a targeted $6 billion level.
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