Fitch rates Valero notes BBB

Fitch Ratings said it assigned a BBB rating to Valero Energy Corp.'s (VLO) planned senior unsecured notes offering. Concurrent with the offering, VLO reported a multiple-tranche debt tender.

“Fitch anticipates the announced debt tender will result in around $750 million in additional gross de-leveraging, in addition to pushing maturities out. The debt reductions, in conjunction with improving market fundamentals, should help to restore headroom at the current BBB rating,” the agency said in a press release.

The proceeds, along with cash on hand, will be used to fund the debt tender.

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