Moody’s might raise Western Refining

Moody's Investors Service said it placed the ratings of Western Refining, Inc., Northern Tier Energy, LLC and Western Refining Logistics, LP under review for upgrade following the announcement that Tesoro Corp. (Ba1 positive) entered into an agreement to acquire Western Refining in a transaction valued at about $6.4 billion.

Tesoro has said it plans to refinance Western Refining’s and Northern Tier’s outstanding roughly $1.8 billion of notes and term loans.

Moody’s said the review for upgrade reflects the planned acquisition by Tesoro and the positive impact on their respective credit profiles. The review will focus on the ultimate capital structure and leverage of the consolidated entities following the transaction, their position in Tesoro's corporate structure and whether there is sufficient information for the agency’s analysis.

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