Fitch lifts Valero to stable

Fitch Ratings said it affirmed Valero Energy Corp.'s issuer default rating at BBB, unsecured credit facility rating at BBB and senior unsecured debt rating at BBB.

The outlook was revised to stable from negative.

The ratings are supported by the size, scale and geographic diversity of its refineries, Fitch said.

Ratings concerns stem from lingering structural challenges that face North American refiners, including an elevated United States unemployment rate, the agency said, and the demand destruction impact of persistently high oil prices.

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