Research Update: Andeavor Logistics L.P. Ratings Raised To 'BBB-' On Completion Of Acquisition; Ratings Off CreditWatch, Outlook Stable

U.S. midstream energy logistics partnership Andeavor Logistics L.P. has completed its acquisition of Western Refining Logistics L.P. (WNRL) in an all-equity transaction valued at about $1.8 billion, including Western Refining Logistics' outstanding debt. We are raising our corporate credit and senior unsecured issue-level ratings on Andeavor Logistics to 'BBB-' from 'BB+' and removing the ratings from CreditWatch with positive implications. The outlook is stable. We are also raising our corporate credit rating and senior unsecured debt rating on Western Refining Logistics to 'BBB-' from 'B+' and removing the ratings from CreditWatch with positive implications. The outlook is stable. We are subsequently withdrawing our 'BBB-' corporate credit rating and senior unsecured issue-level rating on Western at the issuer's request, because all

...+ U.S. midstream energy logistics partnership Andeavor Logistics L.P. has completed its acquisition of Western Refining Logistics L.P. (WNRL) in an all-equity transaction valued at about $1.8 billion, including Western Refining Logistics' outstanding debt. + We are raising our corporate credit and senior unsecured issue-level ratings on Andeavor Logistics to '###-' from '##+' and removing the ratings from CreditWatch with positive implications. The outlook is stable. + We are also raising our corporate credit rating and senior unsecured debt rating on Western Refining Logistics to '###-' from 'B+' and removing the ratings from CreditWatch with positive implications. The outlook is stable. + We are subsequently withdrawing our '###-' corporate credit rating and senior unsecured issue-level rating on Western at the issuer's request, because all of the partnership's debt was repaid at close. + The '###-' corporate credit and unsecured issue-level ratings and stable outlook on parent and general...

Research Update