Fitch affirms Valero

Fitch Ratings said it affirmed Valero Energy Corp.'s issuer default, unsecured credit facility and senior unsecured debt ratings of BBB, and Premcor Refining Group Inc.'s senior unsecured notes at BBB.

The outlook is stable.

Ratings are supported by its size, scale and the geographic diversity of its portfolio of refineries, as well as its leverage to heavy and sour crude oil economics, the agency said.

Offsetting considerations are heavy planned capital expenditure, the negative impacts of higher crude oil prices and the use of cash proceeds from recently announced asset sales, Fitch noted.

For the 12 months ending March 31, Valero's debt-to-EBITDA ratio was 0.9 times.

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