On May 5, 2025, Sunoco L.P. announced its intension to acquire Parkland Corp. (Parkland) for $9.1 billion. The transaction will include the assumption of $3.5 billion in Parkland debt, with the remaining consideration funded through a mix of debt and equity proceeds. The acquisition will result in moderate leverage increase post-close, and we expect Sunoco to maintain leverage in the 4.5x-4.8x range through 2026. We affirmed all existing ratings on Sunoco, including our 'BB+' issuer credit rating and 'BB+' issue-level rating on its senior unsecured debt. The stable rating outlook on Sunoco reflects our expectation that the company will maintain leverage at 4.5x-4.8x post-closing of the Parkland acquisition, before decreasing leverage to under 4.5x in 2027. The deal adds approximately
