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|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".
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