Moody’s lifts Andeavor, Western Refining

Moody's Investors Service said it upgraded Andeavor Logistics LP's corporate family rating to Ba1 from Ba2 and existing senior unsecured notes ratings to Ba2 from Ba3.

The speculative grade liquidity rating was affirmed at SGL-3.

The rating outlook was maintained at positive.

At the same time, Moody's upgraded Western Refining Logistics, LP's corporate family rating and unsecured notes to Ba1 and Ba2, respectively, and will withdraw the ratings following the close of its merger with Andeavor and repayment of its debt.

"Andeavor Logistics' upgrade reflects the company's strong execution on its growth capital spending, increasing cash flow and improved geographic reach and customer diversification," Moody's vice president Arvinder Saluja said in a news release.

"Moreover, the concurrent buy in of Andeavor's (ANDV, Baa3 stable) incentive distribution rights (IDRs) in exchange for partnership units will simplify the consolidated corporate structure and better position Andeavor Logistics for future growth."

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