Andeavor Logistics L.P.'s Series A Preferred Units Rated 'BB'

NEW YORK (S&P Global Ratings) Nov. 28, 2017--S&P Global Ratings today assigned its 'BB' issue-level rating to Andeavor Logistics L.P.'s proposed series A fixed-to-floating rate cumulative redeemable perpetual preferred units. We've assigned intermediate equity credit (50%) to the issuance because we believe that it meets our requirements for permanence, subordination, and deferability. The partnership intends to use the net proceeds from the issuance to redeem all or a portion of its 6.25% senior notes due 2022, repay amounts outstanding under its credit facility, and for general partnership purposes. San Antonio-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

...NEW YORK (S&P Global Ratings) Nov. 28, 2017--S&P Global Ratings today assigned its '##' issue-level rating to Andeavor Logistics L.P.'s proposed series A fixed-to-floating rate cumulative redeemable perpetual preferred units. We've assigned intermediate equity credit (50%) to the issuance because we believe that it meets our requirements for permanence, subordination, and deferability. The partnership intends to use the net proceeds from the issuance to redeem all or a portion of its 6.25% senior notes due 2022, repay amounts outstanding under its credit facility, and for general partnership purposes. San Antonio-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,...

Ratings Action