Sunoco L.P.'s credit measures are much weaker than our previous expectations, and we believe that the partnership's ability to meaningfully reduce financial leverage during the next 12 to 18 months has some execution risk. We expect total debt to EBITDA to remain in the 5.75x to 6x range in 2017. We are lowering our corporate credit rating on Sunoco to 'BB-' from 'BB'. The outlook is negative. We are lowering the issue-level rating on the partnership's senior unsecured debt to 'B+' from 'BB-'. The recovery rating remains '5'. We are also affirming our 'BB' issue-level rating on Sunoco's senior secured debt and revising the recovery rating on the debt to '2' from '3'. We are removing the "under criteria review"
