Moody's rates Western Refining notes B3

Moody's Investors Service said it assigned a B3 (LGD 3; 43%) rating to Western Refining, Inc.'s pending $600 million eight-year senior secured note offering and affirmed its existing B3 corporate family rating, B3 probability of default rating and its B3 senior first secured term loan B (LGD 3; though moving the point estimate to 43% from 46%).

The note ratings are assigned under Moody's loss given default methodology, the agency said, adding that the SGL-3 speculative-grade liquidity rating was also affirmed.

The outlook remains positive.

The agency said that Western Refining is concurrently also issuing $200 million in common equity and $100 million of unrated senior unsecured convertible notes.

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