S&P: Valero Energy on positive watch

Standard & Poor's said it placed its BBB- corporate credit rating on Valero Energy Corp. on CreditWatch with positive implications reflecting the likelihood of a one-notch upgrade pending completion of a full review of the credit during the next 90 days.

The agency noted that the company has materially reduced debt over the past nine months following its leveraging acquisition of Premcor Inc. in September 2005.

In addition, management's comment at a European investor presentation that the company will not pursue two refineries currently for sale, citing high prices for the assets as a deterrent to bidding, indicates that the company's aggressive financial policy and growth appetite may be moderating, the agency added.

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