Moody's rates Phillips 66 notes Baa1

Moody's Investors Service said it assigned a Baa1 long-term rating to senior notes issued by 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.

The rating reflects Phillips 66's consolidated credit quality, including its scale and geographic diversification as an independent refining and marketing company, Moody's said.

The rating also considers an expectation that the company can further reduce its balance-sheet debt in the medium-term to a targeted $6 billion level, the agency said.

Phillips 66 is well-positioned as a leading independent refining and marketing company, despite a challenging industry environment, Moody's added.

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