Moody’s rates Sunoco notes Ba3

Moody’s Ratings said it assigned a Ba3 rating, also on review for upgrade, to Sunoco LP's ped $1.5 billion senior unsecured notes and placed the notes on review for upgrade. The notes will be issued in two tranches, due in 2029 and 2032.

All other ratings of Sunoco are unchanged, including its Ba2 corporate family rating, and remain on review for upgrade pending completion of Sunoco's acquisition of NuStar Energy LP, the agency said.

Sunoco will use the proceeds to fund the redemption of NuStar's subordinated notes and buy its preferred units, as well as to repay NuStar's revolving credit and receivables financing facilities.

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