S&P rates Sunoco notes BB, loan BB+

Standard & Poor’s said it assigned its BB corporate credit to Sunoco LP. The outlook is stable.

At the same time, S&P assigned a BB issue-level rating and a 4 recovery rating to the senior unsecured notes due 2023. The 4 recovery rating (lower half of the range) indicates that lenders can expect average (30% to 50%) recovery of principal if a payment default occurs.

At the same time, S&P assigned a BB+ issue-level rating to the company’s senior secured revolving credit facility. S&P also assigned a 2 recovery (lower half of the range) to the credit facility. The 2 recovery rating indicates substantial (70% to 90%) recovery.

S&P said the ratings on Sunoco reflect the partnership’s “satisfactory” business risk profile and “aggressive” financial risk profile.

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