Fitch affirms Sunoco

Fitch Ratings said it affirmed the long-term issuer default rating of Sunoco Inc. at BB+ and assigned a BBB- rating to its $800 million secured revolver.

Fitch also said it withdrew the ratings on its short-term issuer default rating and the 2012 6.75% convertible notes, which have been redeemed.

The outlook is stable.

The ratings are supported by the stability of the company's portfolio of ratable, distribution-based successor businesses, Fitch said, along with the company's currently high liquidity.

Concerns include the reduced business diversification and smaller earnings base at Sunoco following the spin-off of SunCoke and disposition of refining and chemical assets, the agency said.

Sunoco's recent financial performance has been reasonable, Fitch said.

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