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Moody's downgrades Sunoco
Moody's Investors Service said it downgraded Sunoco Inc.'s senior notes to Ba2 from Ba1 and affirmed its Ba1 corporate family rating and SGL-1 speculative grade liquidity rating.
The outlook is stable.
The agency said the downgrade reflects structural subordination resulting from Sunoco's entry into a new $800 million senior secured credit facility, which has a priority claim over the company's liquid assets.
Moody's said Sunoco's Ba1 rating reflects the company's reduced scale, operational diversification and cash flow profile following its operational restructuring as well as the benefit of its strong liquidity position.
Sunoco continues to be supported by its general partner and common unit investment in Sunoco Logistics, a products marketing operation with a valuable retail brand and a large cash position that enhances its liquidity and leaves Sunoco debt-free on a cash-adjusted basis, the agency said.
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