S&P cuts Valero outlook

Standard & Poor's said it affirmed its BBB corporate credit and senior unsecured rating on Valero Energy Corp.

At the same time, the agency said it revised the outlook to negative from stable.

"The negative outlook reflects our opinion that a divestiture of Valero's retail operations will leave it more exposed to volatility," said S&P credit analyst Mark Habib in a news release.

The agency said the outlook also reflects uncertainties related to Valero's longer-range financial profile amid structural challenges facing the refining industry and an absence of business diversity to adequately offset such risks.

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