S&P: Valero outlook negative

Standard & Poor's said it revised the outlook on Valero Energy Corp. to negative from stable and affirmed its BBB corporate credit rating.

"The negative outlook reflects the company's sharply deteriorated financial results thus far in 2009, and our expectation that near-term performance will likely remain poor," S&P analyst David Lundberg said in a statement.

Ratings reflect the company's satisfactory business risk profile and significant financial risk, the agency said.

Ratings also incorporate Valero's position as the largest independent oil refiner in the United States, an above-average refining complexity and good geographic diversity in North America, the agency noted.

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