Bulletin: Sunoco L.P. Rating Unaffected By Private Placement Of Preferred Equity To Energy Transfer Equity L.P. - S&P Global Ratings’ Credit Research

Bulletin: Sunoco L.P. Rating Unaffected By Private Placement Of Preferred Equity To Energy Transfer Equity L.P.

Bulletin: Sunoco L.P. Rating Unaffected By Private Placement Of Preferred Equity To Energy Transfer Equity L.P. - S&P Global Ratings’ Credit Research
Bulletin: Sunoco L.P. Rating Unaffected By Private Placement Of Preferred Equity To Energy Transfer Equity L.P.
Published Mar 31, 2017
3 pages (1030 words) — Published Mar 31, 2017
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Abstract:

NEW YORK (S&P Global Ratings) March 31, 2017--S&P Global Ratings said today its corporate credit rating and outlook on Sunoco L.P. (BB-/Negative/--) are unaffected by the partnership's announcement that it has completed a private placement of $300 million in Sunoco preferred equity to its general partner, Energy Transfer Equity L.P. (ETE). While we view ETE's investment in Sunoco as credit supportive, we do not ascribe any equity treatment to the investment for the purposes of calculating Sunoco's credit measures. Specifically, the preferred units are redeemable at Sunoco's option at any time after issuance, which does not meet our requirement that the security matures after all other senior debt. (Please refer to the criteria article "The Treatment Of Non-Common Equity Financing

  
Brief Excerpt:

...Only a rating committee may determine a rating action and this report does not constitute a rating action....

  
Report Type:

Bulletin

Issuer
Sunoco LP
GICS
Oil & Gas Refining & Marketing (10102030)
Sector
Global Issuers
Country
United States
Region
United States
Format:
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Cite this Report

  
MLA:
S&P Global Ratings’ Credit Research. "Bulletin: Sunoco L.P. Rating Unaffected By Private Placement Of Preferred Equity To Energy Transfer Equity L.P." Mar 31, 2017. Alacra Store. May 14, 2025. <http://www.alacrastore.com/s-and-p-credit-research/Bulletin-Sunoco-L-P-Rating-Unaffected-By-Private-Placement-Of-Preferred-Equity-To-Energy-Transfer-Equity-L-P-1824598>
  
APA:
S&P Global Ratings’ Credit Research. (). Bulletin: Sunoco L.P. Rating Unaffected By Private Placement Of Preferred Equity To Energy Transfer Equity L.P. Mar 31, 2017. New York, NY: Alacra Store. Retrieved May 14, 2025 from <http://www.alacrastore.com/s-and-p-credit-research/Bulletin-Sunoco-L-P-Rating-Unaffected-By-Private-Placement-Of-Preferred-Equity-To-Energy-Transfer-Equity-L-P-1824598>
  
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