 Moodys Investors Service Moodys downgraded NGL Energy Partners LPs NGLEP senior unsecured notes to B3 from B2 and changed the companys rating outlook to negative from stable. Moodys concurrently affirmed NGLEPs B1 Corporate Family Rating CFR and B1-PD Probability of Default Rating PDR. The company will face elevated counterparty risks, increased uncertainty around crude and water volumes and high financial leverage through 2021, said Sajjad Alam, Moodys Senior Analyst. 