Fitch has downgraded the outlook of PBF Holding to negative while maintaining its 'BB' rating.

Fitch Ratings has revised the outlook for PBF Holding Company LLC (PBFH) from stable to negative due to rising structural gross debt and potential liquidity pressures. Despite this negative outlook, Fitch has affirmed the company's Long-Term Default Rating at 'BB'. The agency assigned a 'BB' issue rating and an 'RR4' Recovery Rating to the company’s newly proposed unsecured bonds.

The revision reflects concerns over PBFH's less conservative financial policies and an increase in short-term leverage, exacerbated by uncertainties in the refining market and potential liquidity pressures stemming from the Martinez fire. Key factors affecting the rating include PBFH's strong geographical diversification and effective management of Renewable Identification Number (RIN) obligations. However, the company’s minimal diversification outside refining and higher cost structure compared to competitors balance these factors.