S&P affirms Tesoro

Standard & Poor's said it affirmed its BB+ corporate credit rating on Tesoro Corp. and maintained the stable outlook.

The agency said it also affirmed its BB+ senior unsecured and BBB senior secured issue-level ratings.

S&P said the acquisition of the Carson City refinery assets increases Tesoro's refining capacity by about 265,000 barrels per day, while adding production flexibility to Tesoro's west coast refining operations.

The agency said the stable rating outlook reflects its expectations that Tesoro will successfully integrate the Carson City refining and logistics operations while maintaining moderate financial leverage and managing upcoming carbon tax regulation in California that could pressure profitability.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.