Modest scale Fee-based cash flows Strong relationship with higher rated parent Tesoro Corp. (TSO) High leverage likely to be around 4x over the next year Increasing reliance on financial markets to fund near-term growth The stable outlook reflects our expectations that Tesoro Logistics L.P. (TLLP) will maintain a fee-based business, while managing its leverage in the 4x area as it pursues growth opportunities. Either a change in TSO's rating or in our stand-alone assessment of TLLP's credit profile could drive future ratings changes. A TSO downgrade could cause us to downgrade TLLP, although we would not necessarily do so if we downgraded TSO to 'BB'. Independent of any potential ratings actions on TSO, we could lower our ratings on TSO
