Moody's: Valero Energy cut to stable

Moody's Investors Service said it affirmed Valero Energy Corp.'s Baa3 senior unsecured debt rating and revised the company's rating outlook from stable to positive.

The change in outlook reflects Moody's expectations for a reasonably supportive refining margin environment in the near term, management's plans to reduce the company's debt burden with free cash flow, the company's increased size and diversification and management's recent track record of issuing common equity or mandatorily convertible preferred stock to finance acquisitions.

Ratings affirmed are Valero Energy's Baa3 rated senior unsecured notes, debentures, medium-term notes and bank debt, its Ba1 rated subordinated debentures, its shelf registration for senior unsecured debt/subordinated debt/preferred stock rated prospective Baa3/prospectiveBa1/prospective Ba2 and its Ba2 rated mandatory convertible preferred stock.

© 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.