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Research Update: Holly Energy Partners Is Rated 'BB-', Proposed $150 Mil. Sr. Notes Rated 'B+'; Outlook Stable Feb 05
Standard & Poors, February 2005
On Feb. 7, 2005, Standard & Poor's Ratings Services said that it assigned its 'BB-' corporate credit rating to Holly Energy Partners L.P., a master limited partnership (MLP). At the same time, Standard & Poor's assigned its 'B+' senior unsecured debt rating to Holly Energy's proposed $150 million senior unsecured notes due 2015. The outlook is stable. Pro forma the proposed offering, Dallas, Texas-based Holly Energy will have $150 million of debt. The ratings on Holly Energy reflect its limited customer diversification, a somewhat aggressive financial profile, the likelihood of future acquisitions as the company continues to grow, and the general partnership ownership by Holly Corp. In addition, the ratings include the stability provided by long-term contracts for revenue and...
Companies mentioned in this report are: Holly Energy Partners L.P.,BP PLC,Alon USA Energy Inc.
Action: New Rating
Action: Outlook: Stable
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.
Product Type: Research Update
Research updates complement media releases. They offer more depth and detail than summary analyses by incorporating all information published in the media release. They are more up to date than summaries in that they are published simultaneously with media releases.
Holly Energy Partners L.P.,BP PLC,Alon USA Energy Inc.