Research Update: Ratings On Deer Park Refining's Senior Unsecured Notes Are Affirmed; Outlook Stable Dec 05

Standard & Poors, December 2005

Abstract
On Dec. 22, 2005, Standard & Poor's Ratings Services said that it affirmed its 'A' ratings on Deer Park Refining L.P.'s senior unsecured notes following a periodic credit review. The outlook is stable. The ratings on Deer Park reflect its strategic importance to parent Shell Oil Co., due to its integration with Shell's Deer Park chemical plant, and the commitment of Shell to the refinery, as evidenced by past capital contributions and the liquidity support arrangements. In addition, Shell's strength as a refinery owner and operator and the ability of the refinery to process heavier Maya crudes at higher margins are also credit strengths. These strengths are offset by exposure to volatile refining margins and the inherent complexity of refining...

Companies mentioned in this report are: Deer Park Refining L.P.,Shell Oil Co.,Petroleos Mexicanos (PEMEX)
Action: Affirmed
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.

Deer Park Refining L.P.,Shell Oil Co.,Petroleos Mexicanos (PEMEX)

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