Phillips 66 Partners Announces $1.3 Billion Acquisition
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Moody's Assigns 'Baa3' Rating to Phillips 66 Partners (PSXP); Outlook Stable
October 11, 2016 11:07 AM EDTMoody's Investors Service, ("Moody's") assigned a Baa3 rating to Phillips 66 Partners (NYSE: PSXP) announced senior unsecured notes offering. The company's Baa3 senior unsecured rating was affirmed. The outlook is stable.
The proceeds of the announced notes offering will be used to fund the majority of a $1.3 billion dropdown from Phillips 66 (A3 negative) of refinery logistics assets consisting of various crude, product and NGL pipelines and terminals.
Assignments:
..Issuer: Phillips 66 Partners LP
....Senior Unsecured Regular Bond/Debenture, Assigned Baa3
Outlook Actions:
..Issuer: Phillips 66 Partners LP
....Outlook, Remains... More
Moody's Lowers Outlook on Phillips 66 (PSX) to Negative; Ratings Affirmed
October 11, 2016 11:06 AM EDTMoody's Investors Service, ("Moody's") changed Phillips 66's (P66)(NYSE: PSX) outlook to negative from stable and affirmed its A3 senior unsecured rating. Moody's also affirmed the Prime-2 rating assigned to Phillips 66 commercial paper program and took other rating actions as listed below.
"The change in Phillips 66's outlook to negative reflects our expectation of elevated consolidated leverage as the company continues to debt fund share buybacks in a refining down cycle." said Terry Marshall, Moody's Senior Vice President. "The announced $1.1 billion debt issuance at Phillips 66 Partners (PSXP, Baa3 stable) to fund a drop... More
