S&P reviews Tesoro

S&P said it placed its BB+ corporate credit rating and BB+ senior unsecured issue-level rating on Tesoro Corp. on CreditWatch with positive implications.

The CreditWatch listing reflects the agency’s expectation that the increased scale and diversity the transaction will provide will be only partly offset by somewhat weaker near-term credit measures.

"We expect to resolve the CreditWatch listing when the transaction closes sometime in the first half of 2017. At close, we would expect to raise the rating on Tesoro by one notch to BBB-," S&P credit analyst Michael Grande said in a news release.

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