Moody's rates Ruby Western loan Ba2

Moody's Investors Service said it assigned a Ba2 corporate family rating and a Ba2 - PD probability of default rating to Ruby Western Pipeline Holdings LLC and Ruby Western Pipeline Holdings B LLC.

Moody's also assigned a Ba2 rating to Ruby Western's new $500 million senior secured term loan and affirmed the rating of Ruby Pipeline, LLC.

The outlooks are stable.

"Ruby Western's sole source of repayment of the new term loan is distributions received from Ruby, a company with nearly $1.4 billion of debt outstanding," Moody's vice president and senior credit officer Stuart Miller said in a news release. "The term loan's structural subordination to Ruby's debt justifies a two-notch rating differential."

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