Andeavor Logistics L.P.'s Proposed Senior Unsecured Notes Rated 'BBB-'

NEW YORK (S&P Global Ratings) Nov. 16, 2017--S&P Global Ratings today assigned its 'BBB-' issue-level rating to multiple tranches of Andeavor Logistics L.P.'s proposed senior unsecured notes. The partnership intends to use the net proceeds from the issuance to redeem all or a portion of its 5.875% senior notes due 2020 and 6.125% senior notes due 2021 and repay amounts outstanding under its credit facility and fees and expenses. San Antonio, U.S.-based Andeavor Logistics L.P. (BBB-/Stable/--) is a midstream energy partnership that gathers, transports, and stores crude oil and distributes, transports, and stores refined products. The partnership also owns and operates six natural gas processing complexes and one fractionation facility. (For the corporate credit rating rationale, see the research updates

...NEW YORK (S&P Global Ratings) Nov. 16, 2017--S&P Global Ratings today assigned its '###-' issue-level rating to multiple tranches of Andeavor Logistics L.P.'s proposed senior unsecured notes. The partnership intends to use the net proceeds from the issuance to redeem all or a portion of its 5.875% senior notes due 2020 and 6.125% senior notes due 2021 and repay amounts outstanding under its credit facility and fees and expenses. San Antonio, U.S.-based Andeavor Logistics L.P. (###-/Stable/--) is a midstream energy partnership that gathers, transports, and stores crude oil and distributes, transports, and stores refined products. The partnership also owns and operates six natural gas processing complexes and one fractionation facility. (For the corporate credit rating rationale, see the research updates on Andeavor Logistics published Oct. 31, 2017, and on Andeavor, published June 2, 2017.) RELATED CRITERIA + Criteria - Corporates - General: Reflecting Subordination Risk In Corporate Issue...

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