Moody's may up Magellan Midstream, rates Holdings loan Ba3

Moody's Investors Service said it placed under review for possible upgrade the debt ratings of Magellan Midstream Partners LP. With respect to its general partner sponsor Magellan Midstream Holdings LP, Moody's said it affirmed the company's Ba3 senior secured rating with a stable outlook, assigned a Ba3 senior secured rating to the proposed $275 million term loan, assigned a Ba3 corporate family rating and withdrew its B1 issuer rating.

Moody's said the review of Magellan Midstream Partners' ratings is prompted by a preliminary assessment that indicates that the assets acquired from Shell Oil, since closing in October 2004, are performing generally in line with the company's initial forecasts.

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