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S&P affirms Energy Transfer
Standard & Poor's said it affirmed its BBB- ratings on Energy Transfer Partners LP following its annual review and the company's resolution of the pending legal proceeding brought against it by the Commodity Futures Trading Commission.
The outlook is stable.
On March 18, the agency said that Energy Transfer resolved the pending legal proceeding, resulting in a minor settlement payment of $10 million, which can be easily met with its cash balance or cash flow from operations.
However, Energy Transfer still faces the possibility of about $199 million in total penalties and the Federal Energy Regulatory Commission's revoking of its blanket certificate to sell natural gas for one year, S&P said, adding that the ratings reflect the strong competitive position of the company's energy midstream, storage and pipeline businesses and the stability of the company's predominantly fee-based service model.
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