Phillips 66 Partners Announces Senior Notes Offering

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Go back to Phillips 66 Partners Announces Senior Notes Offering

Moody's Assigns 'Baa3' Rating to Phillips 66 Partners (PSXP); Outlook Stable

October 11, 2016 11:07 AM EDT

Moody'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