Moody's lifts Magellan to Baa1

Moody's Investors Service said it upgraded Magellan Midstream Partners, LP's senior unsecured rating to Baa1 from Baa2.

The outlook was changed to stable from positive.

"The ratings upgrade to Baa1 reflects Magellan's strong earnings performance and conservative management and financial policies, with low business risk and the maintenance of a strong financial profile relative to its peers," Moody's vice president Gretchen French said in a news release.

"Magellan has been successful in diversifying into crude oil transportation and storage with good returns, while also maintaining a high fee-based business profile, conservative financial leverage and good distribution coverage relative to its midstream MLP peers."

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