S&P: Valero unchanged

Standard & Poor's said that the ratings of Valero LP (BBB-/stable) were unaffected by the announcement that its wholly owned subsidiary Valero Logistics Operations LP is soliciting consents from holders of its senior notes due in 2012 and 2013.

Currently, the noteholders would have the right to put the bonds back to Valero Logistics at par should Valero Energy Corp. (BBB-/stable) or another investment-grade rated company own less than a majority of Valero's general partner, the agency noted.

Under the proposed amendment, Valero Logistics would only need to make an offer to repurchase the notes if there is a change of control, S&P said.

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