S&P gives Sunoco notes BB

S&P said it gave BB issue-level and 3 recovery ratings to the planned $500 million of senior unsecured notes due in 2028 notes to be sold by Sunoco LP and Sunoco Finance Corp. The 3 recovery rating indicates meaningful (50%-70%; rounded estimate: 65%) recovery in default.

The agency upgraded Sunoco’s senior unsecured debt and issuer ratings to BB from BB- on March 2, 2022.

The company intends to use the proceeds to repay a portion of its revolving credit facility, which matures on April 7, 2027. As of June 30, there was $990 million drawn.

The outlook is stable.

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