Moody's downgrades Phillips 66's rating due to slower-than-expected debt reduction pace.

Moody's downgraded Phillips 66's issuer rating and its supported senior unsecured debt rating from A3 to Baa1. Elena Nadtotchi, Senior Vice President at Moody's, stated that the downgrade reflects a slower pace of debt reduction than expected. Earlier, Phillips 66 announced on Tuesday that it had agreed to pay $1.4 billion in cash to acquire the remaining 50% stake in WRB Refining.