Moody's ups Western Refining CFR

Moody's Investors Service said it upgraded Western Refining, Inc.'s corporate family rating to B2 from B3 and affirmed the company's B3 secured note and secured term loan ratings.

The outlook was changed to positive from stable.

"The upgrade of the corporate family rating to B2 reflects Western's trend of leverage reduction between the first quarter of 2011 and the first quarter of 2012," Moody's analyst Jonathan Kalmanoff said in a news release. "The positive outlook reflects the potential for further leverage reduction through 2013."

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