S&P lowers Sunoco, MLP Energy

S&P Global said it affirmed the BBB- corporate credit rating and A-3 short-term rating on Energy Transfer Partners LP and its BBB- ratings on wholly owned operating subsidiaries Panhandle Eastern Pipe Line Co. LP and Regency Energy Partners LP.

The outlook is stable.

The agency said it lowered the corporate credit rating on Sunoco Logistics Partners LP to BBB- from BBB and the short-term rating on the partnership to A-3 from A-2 and removed all of the ratings from CreditWatch, where they were placed with negative implications in November 2016.

The outlook is stable.

S&P said it lowered the corporate credit rating and senior secured debt ratings on MLP Energy Transfer Equity LP to BB- from BB and removing them from CreditWatch, where it was placed with negative implications in November 2016.

The outlook is stable.

The stable outlook reflects a belief that the combined partnership is on a credible path to improve its credit measures and de-leverage its balance sheet, S&P said.

The agency also said it assumes that Energy Transfer will successfully manage and finance its ambitious capital spending program in a manner that will not weaken its financial risk profile and maintain minimum distribution coverage of at least 1x and adequate liquidity.

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