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S&P lifts GS Caltex
Standard & Poor’s said it raised the long-term corporate credit and debt ratings on GS Caltex Corp. to BBB from BBB-.
The agency also said it raised the company’s short-term corporate credit rating to A-2 from A-3.
The upgrades reflect an expectation that GS Caltex will continue to reduce its debt by leveraging solid trends in the Asia-Pacific refining industry and through active financial management, S&P said.
The regional refining industry should sustain its recent solid trend over the next 12 months, the agency said.
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