S&P gives Western Refining CCR, notes B

Standard & Poor's said it assigned its B corporate credit rating on Western Refining Logistics LP (WNRL).

The outlook is stable.

The standalone credit profile is also b, and the agency views the partnership as moderately strategic to its general partner and parent, Western Refining Inc.

At the same time, S&P assigned its B issue rating and 4 recovery rating to Western Refining Logistics and WNRL Finance Corp.'s proposed $300 million senior unsecured note offering due 2023, indicating that creditors can expect average (30% to 50%) recovery in the event of a payment default. The recovery expectations are in the upper half of the 30% to 50% range.

"The outlook on WNRL is stable and reflects our belief that the partnership will maintain relatively conservative financial measures, with debt to EBITDA in the low 3x area, and adequate liquidity as it integrates the wholesale business and grows organically during the next 12 months," S&P credit analyst Michael Grande said in a news release.

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