S&P: Tesoro view negative

Standard & Poor's said it revised its outlook on Tesoro Corp. to negative from stable and affirmed its BB+ corporate credit rating.

The negative outlook reflects Tesoro's weak performance through 2009, S&P said, and expectations that 2010 performance will remain poor.

Refining industry conditions are challenging, with weak refining margins, narrow crude oil differentials and currently weak industry utilization, the agency said.

Industry profitability also has been pressured by new refining capacity that has come on-line both in the United States and globally, S&P added.

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