Fitch gives HF Sinclair notes BBB-

Fitch Ratings said it gave a BBB- rating to HF Sinclair Corp.'s planned senior unsecured exchange bonds, which the company plans to issue in a like-for-like debt exchange for HollyFrontier Corp.'s three notes outstanding for notes of similar coupon and duration, but with HF Sinclair as the obligor.

Additionally, the agency assigned a BBB- rating to HF Sinclair's proposed senior unsecured credit facility. The exchange offer includes a consent solicitation which would remove several legacy HFC covenants, including the reporting requirement for the notes, as well as change in control triggering event language.

“Following the close of the debt exchange, and to the degree only a minimal amount of debt remains outstanding, Fitch anticipates withdrawing HFC's long-term issuer default rating (IDR) and related unsecured instrument ratings,” the agency said in a press release.

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