Moody’s lifts Andeavor notes to Ba1

Moody's Investors Service said it upgraded Andeavor Logistics LP's senior unsecured notes to Ba1 (LGD4) from Ba2 (LGD4) following the security fall-away event in its revolving credit facilities.

The Ba1 corporate family rating, Ba1-PD probability of default rating and SGL-3 speculative grade liquidity rating were affirmed.

The outlook remains positive.

Moody’s said the notes were upgraded to the same level as the Ba1 corporate family rating due to the unsecured nature of the company's capital structure. Andeavor’s senior unsecured notes are no longer contractually subordinated to its $1.6 billion revolving bank credit facilities following the receipt of lender consents that enable security fall-away.

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