Fitch pushes up PBF Logistics

Fitch Ratings said it raised PBF Logistics LP's (PBFX) long-term issuer default rating to BB- from B+ and senior unsecured notes to BB-/RR4 from B+/RR4. The agency also affirmed PBFX's senior secured revolver at BB+/RR1. The notes are co-issued by PBF Logistics Finance Corp. The outlook is stable.

“The upgrade and stable outlook reflect similar rating actions at PBF Holding Co. LLC, PBFX's affiliate and primary counterparty. PBF Holding's long-term IDR was upgraded to BB-/stable, reflecting material debt reduction and a simplified capital structure,” the agency said in a press release.

PBF Holding plans to redeem all $1.25 billion of senior secured notes due 2025 with cash.

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