Moody's moves Western Midstream view to positive

Moody's Investors Service said it changed the outlook for Western Midstream Operating, LP to positive from negative and affirmed its ratings, including the Ba2 corporate family rating, and the Ba2 senior unsecured notes rating. Its speculative grade liquidity rating was changed to SGL-1 from SGL-2.

"The change in the rating outlook to positive for WES Operating reflects a similar change to the ratings outlook for Occidental Petroleum, WES Operating's primary customer and owner of Western Midstream Holdings LLC, which owns the general partner interest in WES Operating's parent," stated James Wilkins, a Moody's vice president, in a press release.

"WES Operating financial metrics have improved in 2021, but its Ba2 CFR is effectively capped by OXY's Ba2 rating," Wilkins added.

The improved SGL rating reflects an expectation the company will have very good liquidity through 2022, supported by cash flow from operations, cash balances and available borrowing capacity under its $2 billion unsecured bank revolving credit facility, the agency said.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.