Fitch affirms Valero

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

The outlook is negative.

Valero's ratings are supported by the size, scale and the geographic diversity of its refineries, its leverage to heavy and sour crude oil economics, rebounding operational performance and financial metrics, enhanced financial flexibility and reasonable leverage, the agency said.

Concerns stem from lingering structural challenges that face North American refiners, the ageny noted.

For the 12 months ended Sept. 30, debt-to-EBITDA leverage was 2.52 times.

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