Fitch affirms Sunoco

Fitch Ratings said it affirmed the following ratings of Sunoco Inc.: long-term issuer default rating at BBB, short-term issuer default rating at F2, senior unsecured debt at BBB, subordinated debentures at BBB- and commercial paper at F2.

The outlook remains stable.

Fitch said that the rating affirmation is supported by Sunoco's sizable refining base, its strong market position in the Northeast, its diversified portfolio of non-refining businesses and its historically conservative credit profile.

For the 12 months ended Sept. 30, EBITDA totaled $1.95 billion, providing gross interest coverage of 15.8 times and debt/EBITDA leverage of 1x, the agency added, noting that credit concerns center around Sunoco's status as a light, sweet crude oil refiner, which limits its flexibility to process lower cost heavy and sour oil feedstocks, heavy planned capex and Sunoco's historical use of free cash to buy back stock.

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