Summary: Sunoco Logistics Partners L.P. Jan 13

Standard & Poors, January 2013

Abstract
The rating on Sunoco Logistics Partners L.P. (SXL) is linked with that of Energy Transfer Partners L.P. (ETP), reflecting the significant amount of control ETP's management can exert over SXL, given its role as general partner. ETP can significantly influence SXL's business activities and financial policies, including setting distribution levels. Absent ownership constraints, SXL's stand-alone credit profile is slightly higher at 'BBB'. Following the $700 million debt issuance on Jan. 7, 2013, by SXL's subsidiary, Sunoco Logistics Partners Operations L.P., SXL has slightly more than $2 billion of balance-sheet debt. SXL's stand-alone credit quality is influenced by the stable cash flows that it generates from its pipeline and terminal assets and the entity's moderate financial leverage. Partly offsetting these strengths...

Companies mentioned in this report are:
- Sunoco Logistics Partners LP

Action: Review

Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.

This product consists of a Summary Analysis: Bi-annual (at least). An abbreviated analysis containing Standard & Poor's issuer credit ratings as of the time the article was published. The analysis includes a rating rationale - the basis on which the rating was assigned - and an outlook section if the issuer is not on CreditWatch. Financial statistics are not included.

- Sunoco Logistics Partners LP

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