S&P rates Valero note BBB

Standard & Poor's said it assigned a BBB senior unsecured debt rating to Valero Energy Corp.'s (BBB/negative) planned 5-year and 10-year benchmark senior unsecured note offering. The notes will be issued from a drawdown on Valero's March 12, 2009, shelf registration.

Proceeds will be used for general corporate purposes, including refinancing debt.

"The ratings on Valero Energy Corp. [BBB/negative] reflect its satisfactory business risk profile and significant financial risk," S&P analyst Patrick Jeffrey said in a statement.

The business risk profile assessment incorporates the inherent risks that Valero faces as an operator in the highly volatile and capital-intensive refining industry, the agency said.

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