Add to balance / Manage account | User: | Log out |
Prospect News home > News index > List of issuers V > Headlines for Valero Energy Corp. > News item |
Fitch rates Valero notes BBB
Fitch Ratings said it expects to assign a BBB rating to Valero Energy Corp.'s pending issuance of senior unsecured notes.
The proceeds will be used for general corporate purposes, including the redemption of $750 million 6 1/8% notes due in 2017 and $200 million 7.2% notes due in 2017.
The company has an issuer default rating of BBB, unsecured credit facility rating of BBB and senior unsecured debt rating on its industrial revenue bonds of BBB, Fitch said.
The ratings reflect the company's size, diversification and asset quality, along with its advantaged cost position, the agency said.
The ratings also consider its access to discounted North American crudes and inexpensive power and shale gas, strong free cash flow and good liquidity, Fitch said.
These strengths are balanced by the historical volatility of the refining sector, which is prone to boom and bust periods, the agency said.
© 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.