NEW YORK (Standard&Poor's) Dec. 12, 2013--Standard&Poor's Ratings Services said today that its 'BB-' issue-level rating and '4' recovery rating on Tesoro Logistics L.P. and Tesoro Logistics Finance Corp.'s $350 million 5.875% senior unsecured notes due 2020 are unchanged after the partnership announced its proposal to issue a $250 million add-on to the notes. The notes will total $600 million. The recovery rating of '4' indicates our expectation of average (30% to 50%) recovery if a payment default occurs. The partnership intends to use net proceeds to repay $250 million outstanding under its revolving credit facility, which they used to partly fund the $650 million acquisition of the Los Angeles logistics assets from Tesoro Refining&Marketing
