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Fitch applies BB/RR4 to Sunoco notes
Fitch Ratings said it assigned a BB/RR4 rating to Sunoco, LP's offering of $500 million in senior unsecured notes due 2021.
The notes are being co-issued with Sunoco Finance Corp. and are pari passu to Sunoco’s existing senior unsecured notes.
Proceeds are expected to be used to repay a portion of Sunoco’s term loan A, which it entered into to finance an acquisition of 100% of the equity interest of Sunoco Retail LLC and the remaining 68.4% interest in Sunoco, LLC from Energy Transfer Partners, LP (BBB-/stable) for roughly $2.2 billion in November 2015. The acquisition closed last week.
Fitch believes the acquisition of these assets allow Sunoco to grow its size, scale, geographic diversity and ultimately distributions for investors.
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