Summary: Flint Hills Resources LLC May 11
Standard & Poors, May 2011
Abstract
The ratings on Flint Hills Resources LLC reflect a strong business risk profile, as well as its modest financial risk profile, which is based on the company's stand-alone credit profile with slight support from parent Koch Resources LLC (KR; A+/Stable/A-1). Although KR does not guarantee Flint Hills' financial and counterparty obligations, KR's complete ownership of Flint Hills and its importance to cash flow and earnings imply a link between the credit profiles of each company. Flint Hills' ultimate parent, Koch Industries Inc. (Koch; unrated), split Flint Hills away from the rest of Koch to create a separate identity for the petroleum operations. Flint Hills is a top-tier U.S. oil refiner, with almost 700,000 barrels per day of refining capacity. The...
Companies mentioned in this report are: Flint Hills Resources LLC,Koch Resources LLC
Action: Review
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
This product consists of a Summary Analysis: Bi-annual (at least). An abbreviated analysis containing Standard & Poor's issuer credit ratings as of the time the article was published. The analysis includes a rating rationale - the basis on which the rating was assigned - and an outlook section if the issuer is not on CreditWatch. Financial statistics are not included.
Flint Hills Resources LLC,Koch Resources LLC
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