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S&P rates Sunoco notes BB
Standard & Poor’s said it assigned a BB rating and 4 recovery rating to Sunoco LP and Sunoco Finance Corp.’s proposed $500 million senior unsecured notes due 2020.
The 4 recovery rating reflects 30% to 50% expected default recovery.
The partnership intends to use net proceeds to fund the pending Susser Holdings Corp. acquisition, S&P said.
As of March 31, Sunoco had about $870 million of reported debt on a stand-alone basis, the agency said.
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