Fitch upgrades Western Midstream

Fitch Ratings said it raised Western Midstream Operating, LP's long-term issuer default rating to BB+ from BB and senior unsecured notes to BB+/RR4 from BB/RR4. The agency changed the outlook to stable from positive.

“The upgrade is primarily driven by the upgrade of Occidental Petroleum Corp. (BB+/stable). Occidental is Western's largest counterparty and is expected to contribute approximately 60% of Western's 2021 revenue,” Fitch said in a press release.

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