Posted at 1:52 p.m., Friday, May 25, 2007
Moody's issues ratings on new Tesoro Corp. debt
Advertiser Staff
Moody's Investors Service gave Tesoro Corp., operator of Hawai'i's largest refinery and other refineries, a Ba1 rating for $500 million of 10-year senior unsecured notes and a Baa1 rating for its expanded $1.75 billion revolving credit line. It said the ratings outlook remained positive for the San Antonio, Texas-based company.Moody's said the company continues to benefit from "very strong" margins that are running about twice as much as last year's already high margins.
Tesoro's shares, which began the year at $65.77, were up $3.85 to $119.79 in today's trading.
