Moody's changes Western Midstream view to positive

Moody's Investors Service said it changed Western Midstream Operating, LP's outlook to positive from developing. At the same time, Moody's affirmed Western's Ba1 corporate family rating and its Ba1 senior unsecured notes rating. Its speculative grade liquidity rating was upgraded to SGL-2 from SGL-3.

Western's general partner is owned by Western Midstream Partners, LP, a publicly traded master limited partnership, which also owns a 98% limited partnership interest in WES Operating.

“The change in WES Operating's outlook to positive from developing follows the resolution of structural concerns Moody's had regarding the partnership's future ownership, governance and financial policies following Occidental Petroleum Corp.'s (OXY, Baa3 stable) acquisition of Anadarko Petroleum Corp., the owner of WES' general partner,” said Andrew Brooks, a Moody's vice president, in a press release. “The positive outlook reflects an anticipated trajectory of lower leverage generated by modest growth in WES Operating's predominantly fee-based EBITDA, with debt levels held largely in check.”

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