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Moody's may lower Harvest Operations
Moody's Investors Service said it placed Harvest Operations Corp.'s B2 corporate family rating and B3 rated $250 million 7.875% senior unsecured notes due 2011 under review for a possible downgrade.
Harvest Energy Trust, the parent company of Harvest Operations, announced that it has agreed to a C$1.6 billion purchase of the "Come by Chance" refinery from North Atlantic Refining, Ltd., a member of the Vitol Group.
Moody's ratings review for possible downgrade will include a discussion with management regarding its strategy, integration plans and operation of the inherently volatile, cyclical and highly capital-intensive refining assets, which have not been a core competency of the company and is being acquired at a record multiple.
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