S&P gives Sunoco notes BB-

S&P said it assigned its BB- issue-level rating and 3 recovery rating to Sunoco LP and Sunoco Finance Corp.’s proposed $500 million of senior unsecured notes due 2029. The 3 recovery rating indicates an expectation for meaningful (50%-70%; rounded estimate: 55%) recovery in the event of a payment default.

The company intends to use the proceeds to repay a portion of its $1 billion of senior unsecured notes due 2023.

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