HF Sinclair Corp. Assigned 'BBB-' Rating, Stable Outlook Following Acquisiton Of Sinclair Oil - S&P Global Ratings’ Credit Research

HF Sinclair Corp. Assigned 'BBB-' Rating, Stable Outlook Following Acquisiton Of Sinclair Oil

HF Sinclair Corp. Assigned 'BBB-' Rating, Stable Outlook Following Acquisiton Of Sinclair Oil - S&P Global Ratings’ Credit Research
HF Sinclair Corp. Assigned 'BBB-' Rating, Stable Outlook Following Acquisiton Of Sinclair Oil
Published Mar 15, 2022
4 pages (1895 words) — Published Mar 15, 2022
Price US$ 150.00  |  Buy this Report Now

About This Report

  
Abstract:

On March 14, 2022, HollyFrontier Corp. (HFC) closed on its acquisition of Sinclair Oil Corp., and the newly merged company is HF Sinclair Corp. We assigned our 'BBB-' issuer credit rating to HF Sinclair Corp. The outlook is stable. There are no changes to the 'BBB-' senior unsecured issue rating on HFC. The ratings on midstream-focused subsidiary, Holly Energy Partners (HEP), are also unchanged. The stable outlook reflects our expectation of debt to EBITDA of 1.5x under midcycle conditions. NEW YORK (S&P Global Ratings) March 15, 2022—S&P Global Ratings today took the rating actions listed above. The acquisition of Sinclair Oil will incrementally improve HFC's scale and diversification and support its fair business risk profile. The rating on HF Sinclair

  
Brief Excerpt:

...March 15, 2022 - On March 14, 2022, HollyFrontier Corp. (HFC) closed on its acquisition of Sinclair Oil Corp., and the newly merged company is HF Sinclair Corp. - We assigned our '###-' issuer credit rating to HF Sinclair Corp. The outlook is stable. - There are no changes to the '###-' senior unsecured issue rating on HFC. The ratings on midstream-focused subsidiary, Holly Energy Partners (HEP), are also unchanged. - The stable outlook reflects our expectation of debt to EBITDA of 1.5x under midcycle conditions. NEW YORK (S&P Global Ratings) March 15, 2022--S&P Global Ratings today took the rating actions listed above. The acquisition of Sinclair Oil will incrementally improve HFC's scale and diversification and support its fair business risk profile. The rating on HF Sinclair is in line with our current rating on HFC (see "Research Update: HollyFrontier Corp. Ratings Affirmed On Announced Sinclair Oil Acquisition; Outlook Stable," published Aug. 5, 2021). The newly formed company has...

  
Report Type:

Ratings Action

Issuer
HF Sinclair Corp.
Sector
Global Issuers
Country
United States
Region
United States
Format:
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Cite this Report

  
MLA:
S&P Global Ratings’ Credit Research. "HF Sinclair Corp. Assigned 'BBB-' Rating, Stable Outlook Following Acquisiton Of Sinclair Oil" Mar 15, 2022. Alacra Store. May 05, 2025. <http://www.alacrastore.com/s-and-p-credit-research/HF-Sinclair-Corp-Assigned-BBB-Rating-Stable-Outlook-Following-Acquisiton-Of-Sinclair-Oil-2809280>
  
APA:
S&P Global Ratings’ Credit Research. (). HF Sinclair Corp. Assigned 'BBB-' Rating, Stable Outlook Following Acquisiton Of Sinclair Oil Mar 15, 2022. New York, NY: Alacra Store. Retrieved May 05, 2025 from <http://www.alacrastore.com/s-and-p-credit-research/HF-Sinclair-Corp-Assigned-BBB-Rating-Stable-Outlook-Following-Acquisiton-Of-Sinclair-Oil-2809280>
  
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