...HF Sinclair's (HFSC) credit profile reflects the company's long track record of conservative financial policies with historically low leverage, financial performance that has been one of the strongest in the refining industry and its complementary logistics capability. The profile is also supported by the strategic locations of HFSC's refining assets, which allow for access to advantaged crudes, its improved geographic diversification, and inclusion of meaningful renewable diesel production capacity. The company's scale is smaller relative to other investment grade refining companies, which restrains its ratings. The profile also consider the energy transition challenges facing the refining industry over the longer term, including potential changes in market dynamics, and risk associated with regulatory capital expenditures that may not produce any additional cash flow. We expect HFSC to maintain supportive consolidated leverage metrics, including HEP, over industry cycles despite potential...