Moody's reviews Buckeye

Moody's Investors Service said it placed Buckeye Partners, LP's Baa2 long-term debt ratings under review for downgrade following Buckeye's plans to acquire from affiliates of First Reserve Corp. 80% of the Bahamas Oil Refining Co. International Ltd. for about $1.36 billion, including assumed debt.

The review reflects the company's increasing aggressive growth strategy, the agency said.

Pro forma consolidated adjusted debt-to-EBITDA leverage is expected to increase to 4.9x as a result of the transaction, from 4.8x for the 12 months ending Sept. 30.

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