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Moody's Investors Service ("Moody's") upgraded MPLX LP's (MPLX) senior unsecured debt rating to Baa2 from Baa3. At the same time, Moody's upgraded the ratings of Andeavor Logistics LP (ANDX) including its senior unsecured debt to Baa3 from Ba1, and its preferred equity to Ba2 from Ba3.
Moody's Investors Service (Moody's) assigned Baa2 ratings to Marathon Petroleum Corporation's (MPC) new notes totaling $2.9 billion issued in exchange for Andeavor's (ANDV) unsecured notes in conjunction with the close of MPC's acquisition of ANDV on October 1, 2018. In a related action, Moody's withdrew the Baa3 senior unsecured rating for ANDV, now a wholly-owned subsidiary of MPC.
Andeavor (ANDV) delivered earnings and revenue surprises of 19.59% and 0.94%, respectively, for the quarter ended June 2018. Do the numbers hold clues to what lies ahead for the stock?
Andeavor (ANDV) expects to invest $100 million in the Mexican project, which is likely to enable the company reduce its import expenses.