The joint venture between the Carlyle Croup and Sunoco Inc. that will keep a Philadelphia-based oil refinery from closing its doors is a credit positive for the city, Moody’s Investors Service said in a report.

“The joint venture, called Philadelphia Energy Solutions, is a credit positive for the city because it saves 850 direct jobs, and an estimated 15,000 ancillary jobs, that would have been lost had Sunoco closed the plant,” said Moody’s analyst Geordie Thompson.

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