Fitch views Western Midstream positively

Fitch Ratings said it revised Western Midstream Operating, LP's outlook to positive from stable.

“The change in outlook is primarily driven by the outlook change at Occidental Petroleum Corp. (BB+/positive). Occidental is Western's largest counterparty and Fitch expects it to contribute approximately 60% of Western's 2022 revenue,” the agency said in a press release.

Concurrently, Fitch said it affirmed Western’s long-term issuer default rating at BB+ and senior unsecured notes at BB+/RR4.

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