Moody's rates Plains All American notes Baa3

Moody's Investors Service said it assigned a Baa3 senior rating to Plains All American Pipeline, LP and PAA Finance Corp.'s proposed issuance of senior notes.

The outlook is stable.

Proceeds of the notes will be used to repay outstanding borrowings under Plains' credit facilities and for general corporate purposes.

The rating reflects the company's scale, breadth of midstream assets and operations across the North American energy landscape, positive throughput and cash flow trends, and a rising component of fee-based business, Moody's said.

The rating is restrained by high leverage, the agency said.

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