Fitch alters Western Midstream view to positive

Fitch Ratings said it changed the outlook to positive from stable and affirmed the BB ratings on Western Midstream Operating, LP and its senior unsecured notes, reflecting the rating affirmation and positive outlook of its largest counterparty Occidental Petroleum Corp.

The revised outlook is driven by Occidental's repayment of $4.5 billion in debt in Q3, which exceeded Fitch's earlier forecast for both amount and timing, and higher free cash flow, the agency said. Fitch said it expects a portion of the free cash flow to be used to repay debt.

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