S&P gives BBB+ to Phillips 66 notes

S&P said it assigned its BBB+ issue-level rating to Phillips 66's proposed senior unsecured notes offered in various maturities.

“The rating reflects our assessment of the company's business risk as satisfactory and financial risk as intermediate, as well as its position as a large oil refining company with extensive midstream and chemical operations,” S&P said in a news release.

The corporate credit rating on Phillips 66 is BBB+ and the outlook is stable.

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