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S&P: Western Refining Logistics upgraded, on positive watch
S&P said it raised its corporate credit and senior unsecured ratings on Western Refining Logistics LP to B+ from B. The ratings remain on CreditWatch, where they were placed with positive implications on Nov. 18, 2016.
The recovery rating of 4 on the senior unsecured debt is unchanged and indicates that creditors can expect average (30% to 50%; rounded estimate 40%) recovery in the event of a payment default.
S&P said the rating action reflects the agency’s view that Western Refining Logistics' stand-alone credit profile is enhanced through its strategic link to the larger Tesoro enterprise.
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