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Moody’s might lift Valero debt
Moody's Investors Service said it placed the Baa3 senior unsecured rating of Valero Energy Partners LP on review for upgrade.
Additionally, Moody's affirmed the ratings of Valero Energy Corp. and its guaranteed subsidiaries, including its Baa2 senior unsecured rating, Baa3 subordinated debt rating and Ba1 preferred stock rating.
The outlook remains stable.
The agency said the actions follow the announcement of a definitive agreement and merger plan according to which Valero Energy will acquire for cash all outstanding publicly held common units of Valero Energy Partners.
“The acquisition of VLP by VLO will reverse the financial structure that was initially set up to facilitate funding growth of midstream assets, that remain strategic to the operations of VLO,” Elena Nadtotchi, Moody's vice president, said in a news release.
“The transaction will allow VLO to simplify its capital structure and corporate governance, while the company maintains its focus on organic growth of its refining assets and supporting infrastructure.”
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