Moody's rates Magellan Midstream loan Ba3, ups outlook to positive

Moody's Investors Service said it changed the outlook for Magellan Midstream Partners LP (Ba1 senior unsecured) to positive from stable.

Moody's affirmed the ratings for Magellan Midstream Holdings, LP (Ba3 senior secured bank loan rating) with a stable outlook. Moody's also assigned a Ba3 senior secured rating to Magellan Midstream Holdings' proposed $250 million secured term loan B due December 2011 that will refinance and replace its existing term loan B due June 8.

Moody's said the ratings and outlook reflect the strong, consistent track record it has accrued over the past few years since its inception with sound financial policies and strategic focus remaining on low-risk product logistics operations.

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