S&P affirms Buckeye

Standard & Poor's said it affirmed its BBB corporate credit rating and stable outlook on Buckeye Partners LP.

At the same time, the agency said it affirmed its BBB issue rating and assigned a BBB rating to the $650 million senior unsecured notes offering announced Jan. 4, 2011.

The partnership plans to use the net proceeds to partially fund its acquisition of the Borco terminal and storage assets in Freeport, Bahamas, the agency added.

The affirmation reflects Buckeye's announced acquisition of terminal and storage assets in the Bahamas from First Reserve, the agency said.

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