S&P lifts Western Refining

Standard & Poor's said it raised its corporate credit ratings on Western Refining Inc. to B+ from B. The agency said it also raised the rating on the senior secured debt to BB from B+ and changed the recovery rating to1, indicating a very high recovery in case of default.

In addition, the agency said it raised the ratings on the unsecured convertible issue to B+ from CCC+ and changed the recovery rating to 3, indicating a meaningful recovery if a payment default occurs.

S&P said the rating on the company reflects its considerable debt reduction over the past two years, its access to discounted feedstock crudes and its ability to benefit from currently wide crack spreads.

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