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Summary: Valero Energy Corp. Feb 13

  • ID: 2416806
  • February 2013
  • Standard & Poors

Standard & Poor's Ratings Services' ratings on U.S. independent refining company Valero Energy Corp. currently reflect its "satisfactory" business risk profile and "intermediate" financial risk profile under our criteria. These assessments take into account the scale, diversity, and competitiveness of Valero's assets, as well as the volatility of its earnings and cash flow. Despite our expectation of favorable refining margins through 2013, we believe there could be less financial cushion in the rating if Valero proceeds with plans to spin off its retail business, and as a result, Valero's financial ratios are likely to remain weaker than its investment-grade peers. In our opinion, the loss of retail business and a weak outlook for ethanol earnings increase the probability that Valero's...

Companies mentioned in this report are:
- Valero Energy Corp.

Action: Review

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Note: Product cover images may vary from those shown

- Valero Energy Corp.

Note: Product cover images may vary from those shown
Note: Product cover images may vary from those shown


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