Fitch takes Centurion Pipeline off watch

Fitch Ratings said it affirmed Centurion Pipeline Co. LLC’s BB- issuer rating, the BB/RR1 rating on its senior secured term loan and revolver and removed the ratings from ratings watch negative.

Fitch assigned a stable outlook.

The action follows the upgrade of Centurion’s primary counterparty Occidental Petroleum Corp. (OXY).

“The stable outlook reflects Fitch’s view that some of the counterparty risk at OXY is reduced versus Fitch’s prior expectation, as OXY makes progress in addressing its looming near term debt maturities,” the agency said in a press release.

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