Moody’s cuts Western Midstream

Moody’s Investors Service said it downgraded Western Midstream Operating, LP’s (WES Operating) corporate family rating to Ba2 from Ba1, its probability of default rating to Ba2-PD from Ba1-PD and its senior unsecured notes rating to Ba2 from Ba1. Its speculative grade liquidity rating was unchanged at SGL-2.

Moody’s revised the outlook to negative from under review.

“WES Operating’s downgrade follows the downgrade of WES’ general partner and principal throughput counterparty Occidental Petroleum Corp. (OXY) to Ba2 negative,” said Andrew Brooks, a Moody’s vice president, in a press release. “Although the anticipated trajectory of WES Operating’s improving financial metrics remains largely intact, its Ba2 CFR is effectively capped by OXY’s Ba2 rating.”

This action concludes the review for downgrade started on March 20, the agency said.

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