OREANDA-NEWS. S&P Global Ratings today assigned its 'BBB' issue-level rating to Valero Energy Corp.'s proposed senior unsecured notes due 2026. The company intends to use net proceeds of the offering for general corporate purposes including the funding of the redemption of its 2017 notes. As of June 30, 2016, Valero had about $7.5 billion of reported debt.

U. S.-based Valero is the largest independent refining company globally. The corporate credit rating on Valero is 'BBB' and the outlook is stable. (For the complete corporate credit rating rationale, see the summary analysis on Valero to be published shortly.)