Sonneborn Holdings L.P. Issuer Credit Rating Raised to 'BBB-', Then Withdrawn On Purchase By HollyFrontier Corp.

  • In February 2019, HollyFrontier Corp. completed its acquisition of Sonneborn Holdings L.P. All of Sonneborn's debt has been repaid following the acquisition.
  • We raised our issuer credit rating on Sonneborn to 'BBB-', the same as the rating on HollyFrontier Corp. The outlook is stable.
  • We also raised the senior secured debt facility rating to 'BBB-' and removed all ratings from CreditWatch, where we placed them with positive implications on Nov. 14, 2018, when the deal was announced.
  • We subsequently withdrew all ratings on Sonneborn at the company's request following repayment of its debt.
 

NEW YORK (S&P Global Ratings) Feb. 7, 2019—S&P Global Ratings today took the 
rating actions listed above.  The rating actions follow the completion of 
HollyFrontier Corp.'s acquisition of Sonneborn Holdings L.P. in February 2019 
and the repayment of all of Sonneborn's debt.