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Article: Fitch Affirms Valero's IDR at 'BBB'; Outlook Remains Stable.
- Article from:
- Business Wire
- Article date:
- May 19, 2009
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CHICAGO -- Fitch Ratings has affirmed the following ratings of Valero Energy Corporation (Valero):
--Issuer Default Rating (IDR) at 'BBB';
--Unsecured Credit Facility at 'BBB';
--Senior Unsecured Debt at 'BBB';
--Premcor Refining Group Unsecured Notes 'BBB'.
The Rating Outlook is Stable.
Valero's ratings are supported by the size, scale, and the geographic diversity of its refineries, its leverage to heavy and sour crude oil economics, its still-significant capex flexibility in the current downturn, and reasonable financial leverage. Valero's 2.6 million barrels per day (bpd) of refining capacity contains several ...