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S&P: Phillips 66 notes BBB+
S&P said it assigned a BBB+ rating to Phillips 66's senior unsecured notes.
Phillips 66 Co. will fully and unconditionally guarantee the notes.
The agency also said it affirmed the BBB+ corporate credit rating and A-2 short-term rating on the company.
The outlook is stable.
The stable outlook reflects an expectation that the company will maintain strong financial measures of net debt-to-EBITDA in the low 2x to 3x range through the commodity cycle while generating about 50% of its EBITDA from more stable business segments under mid-cycle refining conditions, S&P said.
The agency said it could lower the rating if it believes the company's financial risk profile could weaken, such that adjusted net debt-to-EBITDA were consistently higher than 3x.
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