S&P affirms Sunoco

Standard & Poor's said it affirmed the BB+ corporate credit rating on Sunoco Inc. and BBB corporate credit rating on operating subsidiary Sunoco Logistics Partners LP.

The ratings also were removed from CreditWatch with negative implications, where they were placed in September.

The affirmations reflect a view that Sunoco's use of a significant portion of its cash balances to reduce debt and long-term liabilities will keep the company's consolidated adjusted debt-to-EBITDA at about 4x, S&P said.

Given the business mix, the agency said it considers these leverage metrics to be commensurate with current ratings.

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