Moody's lifts Plains All American

Moody's Investors Service said it upgraded Plains All American Pipeline, LP and PAA Finance Corp.'s senior unsecured ratings to Baa2 from Baa3.

The outlook is stable.

The upgrade considers the company's consistent growth in scale, asset footprint and earnings and cash flow, Moody's said, and its positioning to take advantage of growing crude oil and NGL production.

The upgraded ratings include Plains All American's multiple seniority shelf and senior unsecured regular bond/debenture ratings.

The ratings reflect the company's scale, breadth of midstream assets and operations across the North American energy landscape, Moody's said.

The rating further considers the company's high leverage, a portion of which is used by the working capital-intensive lease gathering and optimization business, the agency said, but which is supported by liquid inventory positions.

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