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Fitch gives BBB- to Sunoco Logistics notes
Fitch Ratings said it assigned a BBB- senior unsecured rating to Sunoco Logistics Partners Operations, LP’s proposed offering of senior unsecured notes.
The notes will be pari passu to Sunoco Logistics Partners Operations existing notes and guaranteed by Sunoco Logistics Partners Operations' parent company Energy Transfer Partners, LP (formerly Sunoco Logistics Partners, LP).
Energy Transfer Partners, LP (Legacy ETP) was acquired by Sunoco Logistics Partners LP on April 28. The combined entity changed its name to Energy Transfer Partners, LP.
Associated with the merger, on April 28, Fitch downgraded the long-term issuer default rating and senior unsecured ratings of Sunoco Logistics Partners and Sunoco Logistics Partners Operations to BBB- with a stable outlook. It affirmed Legacy ETP’s long-term issuer default rating and senior unsecured ratings at BBB-, reflecting a consolidated approach to the combined entities.
Note proceeds are expected to be used to redeem all of the $500 million aggregate principal amount of Legacy ETP's 6.5% senior notes due 2021.
Energy Transfer will use the remainder to repay outstanding borrowings under its $2.5 billion revolving credit facility, which were $1.767 billion as of Sept. 18, and for general partnership purposes.
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