...In mid-March, HollyFrontier Corp. (HFC, Baa3 stable) closed its merger with Sinclair Oil Corp (Sinclair Oil, unrated) in an all-stock transaction, resulting in the creation of a new publicly traded parent, HF Sinclair Corporation (HFSC; together with HFC, HollyFrontier). Concurrently, Holly Energy Partners, L.P. (HEP, Ba2 stable), HollyFrontier's midstream subsidiary, also acquired Sinclair Transportation Company (Sinclair Transportation, unrated; together with Sinclair Oil, Sinclair companies), funding it with $321.4 million of cash inclusive of estimated working capital adjustments, and an issuance of 21 million of its LP units. HollyFrontier's 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 HollyFrontier's refining assets, which...