...- On May 3, 2024, Sunoco L.P. announced that it has completed the acquisition of NuStar Energy L.P. - We raised our issuer credit rating on Sunoco to '##+ from '##' and removed the ratings from CreditWatch, where we placed them with positive implications on Jan. 22, 2024. - We also raised our ratings on the company's senior unsecured notes to '##+' from '##' and removed the ratings from CreditWatch. The '3' recovery rating reflects our expectation for meaningful (50%-70%; rounded estimate: 65%) recovery in the event of a default. - We discontinued our '###-' rating on the $1.5 billion senior secured revolving credit facility, given it has been replaced with a $1.5 billion senior unsecured revolving credit facility (not rated). - The stable rating outlook on Sunoco reflects our expectation that the company will successfully integrate NuStar's assets and obtain outlined synergies over the next several years, which, combined with modest organic growth, will lead to leverage declining toward...
