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Fitch rates Valero notes BBB
Fitch Ratings said it assigned a BBB to Valero Energy Corp.’s planned senior unsecured issuance.
Proceeds are earmarked for general corporate purposes.
Fitch also affirmed the BBB ratings on Valero and Valero Energy Partners LP.
Fitch also revised the outlooks for both entities to negative from stable. The legacy 2026 and 2028 VLP bonds were also moved from Valero Energy Partners from the corporation.
“The main driver for the negative outlook is the increase in Valero's gross balance sheet debt, which has reduced rating headroom at the current BBB rating. Including $1.5 billion issued earlier this year, Fitch expects Valero will have issued $4 billion in debt in the downturn, about a 40% increase on a pro forma basis compared with YE 2019,” Fitch said in a press release.
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