Moody's upgrades CVR Energy

Moody's Investors Service upgraded CVR Energy, Inc.'s corporate family rating to Ba3 from B1, upgraded Coffeyville Resources, LLC's second-lien notes to B1 from B3, upgraded Coffeyville's existing first-lien notes to Ba2 from Ba3, and rated Coffeyville's new first-lien notes Ba2.

Moody's also assigned a speculative grade liquidity rating of SGL-1 to CVR Energy.

The outlook is stable.

"The upgrade of the CFR to Ba3 reflects an increase in refining capacity, enhanced operational diversification, and the conservative leverage profile of the combined entity," Moody's analyst Jonathan Kalmanoff said in a news release.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.