Fitch affirms Valero Energy

Fitch Ratings said it affirmed Valero Energy Corp.'s long-term issuer default rating at BBB.

The agency also affirmed Valero Energy Partners LP's long-term issuer default rating and senior unsecured rating at BBB-.

The outlook is stable.

Fitch said the ratings reflect Valero Energy’s status as a premier independent refiner.

The company’s refining portfolio has a number of advantages, including geographic diversification, large concentration of price-advantaged, high complexity capacity on the Gulf coast and MidContinent, operational flexibility to take advantage of both light-heavy crude oil spreads and light crude differentials and ongoing access to low cost U.S. natural gas and power prices, which are expected to remain cheap relative to competing refining centers in Europe, Fitch said.

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