S&P lifts Andeavor, Western Refining

S&P said it raised its corporate credit rating and senior unsecured issue-level rating on Andeavor Logistics LP to BBB- from BB+ and removed the ratings from CreditWatch, where they were placed with positive implications on Aug. 16.

The outlook is stable.

The agency also raised the corporate credit rating and senior unsecured debt rating on Western Refining Logistics LP to BBB- from B+ and removed the ratings from CreditWatch, where they were placed with positive implications on Nov. 18.

S&P subsequently withdrew the BBB- corporate credit rating and issue-level rating on Western at the issuer's request, because all of the partnership's debt was repaid at close.

“The rating action reflects our view that the acquisition and the elimination of ANDX's IDRs places the partnership on a more sustainable growth path, strengthens the balance sheet and allows the ability to achieve and maintain credit measures appropriate for the rating,” the agency said in a news release.

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