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Moody’s rates NuStar preferreds Ba3
Moody's Investors Service said it assigned a Ba3 rating to NuStar Energy LP's proposed $100 million perpetual preferred units.
At the same time, the agency affirmed NuStar Logistics, LP's Ba1 rated senior unsecured notes and Ba2 rated subordinated notes.
The outlooks at both NuStar and NuStar Logistics are stable.
Moody's also assigned a Ba1 corporate family rating, Ba1-PD probability of default rating and speculative grade liquidity rating of SGL-3 to NuStar, and withdrew these ratings from NuStar Logistics.
NuStar Energy will use the preferred unit proceeds for general corporate purchases, including the funding of capital expenditures and repaying outstandings under its revolving credit agreement.
"NuStar's preferred unit issuance will improve the company's liquidity profile and is an important step in helping to support its financial leverage into 2017," Moody's vice president Gretchen French said in a news release.
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