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S&P assigns Holly Energy notes BB+
S&P said it assigned BB+ issue-level and 4 recovery ratings to Holly Energy Partners LP’s and Holly Energy Finance Corp.'s expected $400 million of senior unsecured notes due 2027. The 4 recovery rating indicates average (30%-50%; rounded estimate: 40%) recovery in default.
The rating is the same as the agency’s ratings on Holly’s other senior unsecured notes.
The partnership intends to use the proceeds to partially repay borrowings under its credit facility.
The outlook is stable.
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