Fitch rates Valero notes BBB

Fitch Ratings said it assigned a BBB rating to Valero Energy Corp.’s senior unsecured notes issuance.

The outlook remains stable.

Proceeds will be used for general corporate purposes.

Fitch said Valero's ratings are supported by the company's size, scale and asset quality as the leading North American independent refiner, with about 3 million barrels per day of throughput capacity; its modest but growing leverage to discounted North American shale crudes; ample financial flexibility; good free cash flow; reasonable debt levels; solid export capability out of the Gulf; and higher distillate output following the completion of key hydrocracking projects.

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