VLO has ramped up its shareholder-friendly activity over the last few years.
It is important to note that VLO's consolidated metrics include VLP's results - including its debt - because of Valero's ownership of the controlling GP stake.
KEY rating drivers, sIZE, diversification, AND asset quality.Valero's near-term maturities are manageable.Please contact your service provider for more details.At June 30, 2016, Valero held.1 of VLP's common units as well as the 2 GP stake in VLP (which includes IDRs).Details OF this service FOR ratings FOR which THE lead analyst IS based IN AN EU-registered entity CAN BE found ON THE entity summary page FOR this issuer ON THE fitch website.In addition, Valero uses derivatives to manage FX risk.VLO currently has 1 billion in rateable ebitda that may be dropped down to VLP at a tax-advantaged multiple, including pipelines, racks, terminals storage, railcar, marine, and wholesale fuel marketing.Published ratings, criteria AND methodologies ARE available from this site AT ALL times.However, when determining Valero's credit quality, Fitch expects to look primarily at VLO deconsolidated (standalone) metrics.
To estimate deconsolidated VLO ebitda, Fitch deducts VLP ebitda and adds distributions from VLP to VLO.
Despite this, Valero's outlook is reasonably good and Fitch expects the company will be significantly FCF positive in 2016.
Fitch currently rates Valero as follows: -Issuer Default Rating kort kerst en nieuwjaarswensen (IDR) 'BBB -Unsecured credit facility 'BBB -Senior unsecured debt including industrial revenue bonds (IRBs) 'BBB'.Negative: Future developments that may lead to negative rating action include: -A change in philosophy on use of the balance sheet, which could include debt-funded acquisitions or share buybacks; -Sustained debt/ebitda leverage above approximately.3x on a deconsolidated basis.Net proceeds from the issuance will be used for general corporate purposes, including the redemption of 750 million.125 2017 notes and 200 million.2 2017 notes.Fitch expects ebitda is likely to weaken further from 2015 hoeveel kans op winnen lotto highs as the lingering impact of the warm El Nino winter pressure margins, particularly for distillates.Applicable Criteria Corporate Rating Methodology - Including Short-Term Ratings and Parent and Subsidiary Linkage (pub.
Excluding the VLP and LoC facilities, Valero's core liquidity at June 30, 2016 totalled approximately 9 billion.
Chicago- business wire )-Fitch Ratings expects to rate Valero Energy Corporation's (nyse: VLO) pending issuance of senior unsecured notes 'BBB'.