Andeavor Logistics Achieves Investment Grade Credit Rating with Standard & Poor's Upgrade
SAN ANTONIO, TEXAS - October 31, 2017 - Andeavor Logistics LP (NYSE: ANDX) announced today that S&P Global Ratings (S&P) raised the Company's corporate credit and senior unsecured issue ratings to "BBB-" with a stable outlook from "BB+". Separately, in February 2017, Fitch Ratings (Fitch) assigned a first-time Long-Term Issuer Default Rating of BBB- to Andeavor Logistics, marking the Company's inaugural investment grade credit rating. As a result of Andeavor Logistics achieving a "BBB-" credit rating at both S&P and Fitch, the Company's outstanding unsecured bond securities now meet the criteria to be included in the investment grade Bloomberg Barclays Global Aggregate and ICE BofAML Global Bond Indices.
"By achieving investment grade, Andeavor Logistics is better positioned to enhance its existing capital structure and meet future financing needs at attractive rates with longer maturities in a more liquid market," said Steven Sterin, President and CFO of Andeavor Logistics' general partner. "With our target of at least $1 billion of annual growth investments over the next several years, we now have access to more competitive sources of funding."
Additionally, on October 26, 2017, Moody's Investors Service (Moody's) upgraded Andeavor Logistics' Corporate Family Rating to "Ba1" with a positive outlook from "Ba2".
About Andeavor Logistics LP
Andeavor Logistics LP is a leading full-service logistics company operating primarily in the western and mid-continent regions of the United States. Andeavor Logistics owns and operates a network of crude oil, refined products and natural gas pipelines. Andeavor Logistics also owns and operates crude oil and refined products truck terminals, marine terminals and dedicated storage facilities. In addition, Andeavor Logistics owns and operates natural gas processing and fractionation complexes. Andeavor Logistics is a fee-based, growth oriented Delaware limited partnership formed by Andeavor.
Forward Looking Statements
This release contains "forward-looking" statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, including without limitation statements concerning: our operational, financial and growth strategies, including continued growth, financial discipline, financial position and credit metrics, enhancing our capital structure, meeting future finance needs at attractive rates and targeted annual growth investments; our ability to successfully effect those strategies and the expected timing and results thereof; and the expected benefits of the investment grade credit rating. For more information concerning factors that could affect these statements, see our annual report on Form 10-K, quarterly reports on Form 10-Q, and other public filings and press releases, available at www.andeavorlogistics.com. We undertake no obligation to revise or update any forward-looking statements as a result of new information, future events or otherwise.
Andrew Woodward, Sr. Director, Finance and Investor Relations, (210) 626-7202
Andeavor Media Relations, firstname.lastname@example.org, (210) 626-7702