Fitch gives BBB- to Andeavor notes

Fitch Ratings said it assigned BBB- ratings to Andeavor Logistics' issuance of senior unsecured notes and affirmed the BBB- issuer default rating and existing BBB- senior unsecured ratings.

Proceeds are intended to refinance existing senior unsecured notes, including notes due 2020, 2021, and 2022, repay existing credit facility borrowings, and for general partnership purposes.

The outlook is stable.

Fitch said Andeavor has a significant logistics footprint in the western United States.

Following the acquisition of Western Refining Logistics, LP, it will have more than 6,500 miles of crude, refined product and natural gas pipelines; more than 38 million barrels of storage capacity, 42 terminals, 82,000 barrels of wholesale distribution per day, and processing capacity of 1.6 billion cubic feet (bcf) per day, Fitch explained. Many of these assets are highly integrated with Andeavor’s operations, providing greater visibility on throughput and cash flows.

During the first half of 2017, its sponsor Andeavor (BBB-/stable) accounted for about half of Andeavor’s revenues.

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