Fitch turns Holly Energy view to stable

Fitch Ratings said it revised the outlook to stable from negative and affirmed Holly Energy Partners, LP's long-term issuer default rating at BB+ and senior unsecured notes at BB+/RR4. Holly's senior unsecured notes are co-issued by Holly Energy Finance Corp., and Fitch affirmed its senior unsecured rating at BB+/RR4.

The outlook revision reflects a similar outlook revision at HEP's sponsor and largest counterparty, HollyFrontier Corp. (HFC; IDR BBB-/stable) to stable from negative. HEP's rating is supported by fairly stable cash flows underpinned by long-term minimum volume commitment (MVC) contracts, predominantly with HFC and the partnership's modest leverage,” Fitch said in a press release.

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