S&P rates GS Caltex notes BBB+

S&P said it assigned a BBB+ long-term issue rating to the Swiss franc-denominated senior unsecured notes due 2024 issued by GS Caltex Corp.

The proceeds will be used for general corporate purposes.

As of year-end 2017, the company's capital structure mostly consists of senior unsecured debt at the parent level, S&P said.

The rating on the senior unsecured notes is the same as the issuer credit rating on the company because the issuer has sufficiently low leverage, limiting the risk of subordination for lenders of unsecured debt, the agency said.

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