Sunoco Logistics put on negative credit watch
PHILADELPHIA | The corporate credit rating of Sunoco Logistics Partners was placed on credit watch with negative implications by Standard & Poor’s Ratings Services on Wednesday, a day after Sunoco Inc. said it was getting out of the refining business.
The credit watch listing means S&P could either lower or affirm the company’s ratings after a review. Sunoco Logistics carries an investment-grade “BBB” corporate credit rating.
S&P analysts said the action follows Sunoco’s decision to exit refining and conduct a strategic review of its businesses. Sunoco Inc. owns about 34 percent of Sunoco Logistics through general partner and limited partner interests.