S&P puts Sunoco on watch

Standard & Poor's said it placed Sunoco Inc.'s BB+ corporate credit rating on CreditWatch with negative implications.

"The CreditWatch listing follows Sunoco's announcement that it plans to divest or shut down its remaining refining assets by July 2012 and that it plans to undertake a strategic review of its remaining assets - including its large cash balances," S&P analyst Patrick Jeffrey said in a statement.

"We believe Sunoco's exiting of its refining business will result in a more concentrated and weaker business risk profile."

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