Moody’s gives Western Gas notes Ba1

Moody's Investors Service said it assigned a Ba1 rating to Western Gas Partners, LP's proposed offering of senior notes due 2026.

Proceeds will be used to repay outstanding revolver borrowings under the company's revolving credit facility.

All existing ratings of Western Gas, including the Ba1 corporate family rating, and the negative outlook are unchanged.

"Western Gas is proactively refinancing revolver borrowings on a long-term basis, which sustains its liquidity profile," Moody's senior vice president Pete Speer said in a news release.

The new senior notes were rated Ba1, consistent with the ratings of Western Gas's existing senior notes. They are unsecured and have no subsidiary guarantees, consistent with Western Gas's other senior notes and its committed revolving credit facility.

The notes are rated the same as the corporate family rating because all of the partnership's debts are pari passu, Moody’s said.

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