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S&P pumps up NuStar Energy
S&P said it raised its ratings on NuStar Energy LP and its senior unsecured notes to BB+ from BB-, its preferred stock to B+ from B- and its subordinated debt to BB- from B. The unsecured notes’ 3 recovery rating (50%-70%; rounded estimate: 65%) is unchanged. The agency plans to discontinue its ratings on the preferred shares and the subordinated debt after they are repaid, which is expected within the next 30 days.
The agency also removed the ratings from CreditWatch with positive implications and the outlook is now stable. These actions follow Sunoco LP closing its acquisition of NuStar.
“We raised our issuer credit rating on NuStar to BB+ to equalize them with the rating on Sunoco because we now consider NS to be a core subsidiary of Sunoco,” S&P said in a press release.
The stable outlook reflects Sunoco's stable outlook, the agency said.
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