S&P cuts Western Refining senior secured

Standard & Poor's said it lowered its issue-level rating on Western Refining Inc.'s senior secured debt to B, the same as the corporate credit rating on the company, from B+.

At the same time, the agency said it revised the recovery rating on this debt to 4 from 2.

The issue-level rating on the unsecured convertible notes remains CCC+, two notches below the corporate credit rating, with a recovery rating of 6, the agency noted.

"We are lowering its estimate of the value of the company in a default scenario, to reflect its concern about the economic viability of the company's Yorktown refinery and the suspension of refining operations at the Bloomfield, New Mexico refinery facility," said S&P credit analyst Marc Bromberg.

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