MUMBAI (Thomson Financial) - Standard & Poor's Ratings Services said it has
lowered its rating on Valero Energy Corp.'s $15 million unsecured notes due 2012
to 'BB-' from 'BBB', reflecting the assumption of the notes by El Paso Corp.
S&P has a 'BBB' rating and stable outlook on Valero, and a 'BB' rating with
a positive outlook on El Paso.
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