TESORO TO ACQUIRE WESTERN REFINING IN $6.4 BILLION TRANSACTION

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Moody's Affirms Ratings on Tesoro Petroleum (TSO); Outlook Remains Positive

November 18, 2016 12:05 PM EST

Moody's Investors Service (Moody's) affirmed Tesoro Corporation's (Tesoro) ratings, including the Ba1 Corporate Family Rating (CFR), the Ba1-PD Probability of Default Rating (PDR), and the Ba2 senior unsecured notes ratings. The Speculative Grade Liquidity (SGL) rating was changed to SGL-2 from SGL-1. Tesoro's rating outlook remains positive.

The rating action follows Tesoro's announcement to acquire Western Refining, Inc. (WNR, B1), parent of Northern Tier Energy, LLC (NTE, B1) and a logistics subsidiary, Western Refining Logistics LP (WNRL, B1). The acquisition is a mostly stock transaction valued over $6 billion, including assumption of roughly $1.8 billion WNR debt (including NTE).... More