Business Services Industry
Credit Ratings of Valero Energy, Tesoro Petroleum at Risk.
Knight Ridder/Tribune Business News, August, 2002
By Greg Jefferson, San Antonio Express-News Knight Ridder/Tribune Business News
Aug. 30--Moody's Investors Service on Wednesday warned San Antonio's Valero Energy Corp. that it's taking a dimmer view of the company's debt because of the ongoing refining industry slump.
Standard & Poor's Ratings Services, another New York bond rating agency, issued a similar notice to oil refiner Tesoro Petroleum Corp., also of San Antonio.
For its part, Moody's said it lowered its outlook on Valero from stable to negative -- which could be a prelude to a credit-ratings cut -- because of weak profit margins and the pace of the company's debt repayment.
Moody's said low margins for distillates, such as diesel and heating oil, have cut into...
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