Moody's eyes Woodford for upgrade

Moody's Investors Service said it placed Woodford Express, LLC's (WEX) ratings on review for upgrade, including the company's B3 corporate family rating and B3 senior secured bank credit facility rating.

The decision to review Woodford follows the announced deal that investment-grade rated Energy Transfer LP agreed to acquire Wood ford for about $485 million, the agency said. Before the review, Woodford’s outlook was stable.

"Energy Transfer LP's acquisition of Woodford Express, LLC is credit enhancing for WEX given ET's stronger credit profile," commented Arvinder Saluja, a Moody's vice president, in a press release.

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