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S&P changes Motiva view
S&P said it revised its outlook on Motiva Enterprises LLC to negative from stable.
The agency said it believes that Motiva will be adversely affected by the depressed demand for refined products in 2020 due to the coronavirus pandemic.
“We expect the company's credit metrics to be elevated in fiscal year 2020 given its weaker-than-expected credit metrics in fiscal year 2019 under mid-cycle refining conditions,” the agency said in a news release.
The agency also affirmed the BBB long-term issuer credit rating and the BBB issue-level rating on its unsecured debt.
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