Moody's gives Energy Transfer preferreds Ba2

Moody's Investors Service said it gave a Ba2 rating to Energy Transfer LP's proposed cumulative redeemable perpetual preferred units.

Its Baa3 issuer and senior unsecured ratings, its Ba1 junior subordinated notes ratings and Ba2 preferred stock ratings are not affected by this action, Moody’s said.

“The proposed preferred units are rated Ba2, two notches below ET's Baa3 senior unsecured rating, reflecting their subordination to all of the company's existing senior unsecured notes, its unsecured revolving credit facility and its subordinated notes,” the agency said in a press release.

The company plans to use the proceeds to refinance upcoming debt maturities and for general corporate purposes.

The outlook is stable.

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