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GS Caltex Corp.’s Proposed Swiss Franc Senior Unsecured Notes Rated ‘BBB+’

          HONG KONG (S&P Global Ratings) April 25, 2018--S&P Global Ratings today assigned its 'BBB+' long-term issue rating to the Swiss franc-denominated senior unsecured notes due 2024 issued by GS Caltex Corp. (BBB+/Stable /A-2). The issue rating is subject to our review of the final issuance documentation. 
          GS Caltex plans to use the notes proceeds for general corporate purposes. 
          As of end-2017, the company's capital structure mostly consists of senior unsecured debt at the parent level. We rate GS Caltex's senior unsecured notes 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.