Fitch cuts PBF bonds to B-

Fitch said it lowered PBF Holding Co. LLC's senior unsecured notes to B-/RR6 from B+/RR4.

“The change in the recovery rating reflects increased secured debt in the waterfall from an incremental senior secured note issuance, a larger borrowing base since the last review and operational changes that reduced throughput capacity,” Fitch said in a press release.

However, the agency affirmed PBF’s B+ long-term issuer default rating, its revolving credit facility at BB+/RR1 and senior secured bonds at BB/RR2.

The outlook is negative.

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