Lates News

Moody's rating agency has downgraded Phillips 66's issuer rating and its supported senior unsecured notes rating from A3 to Baa1. Moody's Senior Vice President Elena Nadtotchi said that this downgrade reflects a slower-than-expected pace of debt reduction. 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.