Fitch gives BBB- to Andeavor notes

Fitch Ratings said it assigned a BBB- rating to Andeavor's (formerly Tesoro Corp.) issuance of $1 billion in aggregate principal amount of 10- and 30-year senior unsecured notes.

Proceeds will be used to repay existing credit facility borrowings.

“Andeavor's acquisition of Western Refining, Inc. (WNR) has raised the company's pro forma refining throughput capacity to 1,141 Mbpd and retail and branded store count to 3,124 as of Sept. 30, 2017 versus throughput capacity of approximately 895 Mbpd and store count of 2,529 prior to the acquisition,” Fitch said in a news release.

“WNR's refining and retail footprint complements Andeavor's existing asset base and provides access to advantaged West Texas shale crudes.

“In October, Andeavor's affiliated logistics MLP, Andeavor Logistics LP (NYSE: ANDX) (BBB-/Stable) completed the acquisition of Western Refining Logistics, LP (WNRL).

“Following the acquisition of WNRL, ANDX will have over 6,500 miles of crude, refined product and natural gas pipelines; 38 million barrels of storage capacity; 42 terminals; 82 thousand barrels of wholesale distribution per day; and processing capacity of 1.6 bcf per day,” the agency explained in the release.

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