Moody's ups Western Midstream

Moody's Investors Service said it upgraded the ratings of Western Midstream Operating, LP (WES Operating), including the corporate family rating to Ba1 from Ba2, the probability of default rating to Ba1-PD from Ba2-PD and the senior unsecured notes rating to Ba1 from Ba2. Its speculative grade liquidity rating is unchanged at SGL-1.

"The upgrade for WES Operating reflects a similar change to the corporate family rating 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's financial metrics improved in 2021, but the rating is effectively capped by OXY's Ba1 rating."

The outlook remains positive.

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