Moody’s gives Andeavor notes Ba1

Moody's Investors Service said it assigned a Ba1 rating to Andeavor Logistics LP's proposed senior notes due 2022, 2027 and 2047.

Proceeds are expected to be used to redeem the company’s $470 million senior notes due 2020 and $800 million senior notes due 2021 and repay revolver borrowings.

All other ratings, including the Ba1 corporate family rating, are unchanged.

The outlook is positive.

The agency said the rating on the notes reflects the unsecured nature of the company's capital structure. Andeavor’s senior 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, Moody’s explained.

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