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S&P gives Enterprise loan BB-
Standard & Poor's said it assigned its BB- corporate credit rating to Enterprise GP Holdings LP and its $1 billion term loan B due 2014.
At the same time, the agency said it affirmed the BB- corporate credit rating of parent EPCO Holdings Inc. and removed it from CreditWatch with negative implications.
The corporate credit rating on EPCO was placed on CreditWatch on May 8, the agency added, noting that it assigned a BB- rating to EPCO's $900 million term loan B due 2014.
According to S&P, the removal of the EPCO rating from CreditWatch reflects its conclusion that the additional debt at Enterprise is unlikely to materially disadvantage EPCO lenders, because EPCO lenders have access to additional cash flow sources than lenders at Enterprise.
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