S&P upgrades Coffeyville

Standard & Poor's said it upgraded Coffeyville Resources LLC's corporate credit rating to B from CCC+ and its senior secured credit facilities to BB+ with a recovery rating of 1 from B+ with a recovery rating of 2.

The ratings were removed from CreditWatch with positive implications, and the outlook is stable.

The agency said the upgrade follows about four months of stable operations at the refinery after the effects of the June 2007 flood, as well as significant debt paydown with proceeds of the initial public offering in October.

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