UPDATE 4-Valero earnings tumble but handily beat Wall St

  
 Jan 28 (Reuters) - Credit Suisse upgraded U.S. independent 
 refiners to "neutral" from "underweight," saying the sector 
 looks more sensibly priced than it has for several months. 

  The brokerage said it compared current price-to-earnings 
 multiples under several economic scenarios against the recent 
 historic levels and concluded that the refining sector is now 
 pricing in at least a mild U.S. recession case. 

  In a research note, the brokerage said it has adopted a new 
 rating system that rates individual stocks relative to the 
 market instead of their sub-sector, and upgraded San 
 Antonio-based Tesoro Corp (TSO.N:   Quote  ,   Profile  ,   Research  ) to "outperform" from 
 "neutral." 

  It also raised Holly Corp (HOC.N:   Quote  ,   Profile  ,   Research  ) and   Western Refining Inc 
 (WNR.N  :   Quote  ,   Profile  ,   Research  ) to "neutral" from "underperform."