Moody’s lifts Valero senior debt

Moody's Investors Service said it upgraded Valero Energy Partners LP's senior unsecured rating to Baa2 from Baa3.

The outlook is stable, from under review.

This concludes the rating review begun on Oct. 19, 2018.

“The rating action follows the announcement by Valero Energy Corporation (VLO, Baa2 stable) that it has acquired for cash all outstanding publically held common units of VLP,” the agency said in a news release.

“As part of the transaction, VLO has unconditionally guaranteed VLP's obligations. VLO will be the sole publicly traded company and the primary entity for raising capital to fund the combined company's growth going forward.”

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