Western Refining, Inc. -- Moody's Rates Western Refining's New Term Loan B1

New York, November 12, 2013 -- Moody's Investors Service assigned a B1 rating to Western Refining, Inc.'s (WNR) proposed $550 million term loan that will partially fund the company's acquisition of limited partner (LP) and general partner (GP) interests in Northern Tier Holdings, LLC (NTI). In a related action, Moody's also affirmed WNR's B1 Corporate Family Rating (CFR) and downgraded its senior unsecured rating from B2 to B3 given the increased subordination of unsecured debt resulting from the incremental secured debt. The rating outlook remains stable.

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