Fitch rates Energy Transfer notes BBB-

Fitch Ratings said it Energy Transfer Partners, LP's proposed offering of $1.0 billion senior notes at BBB-.

The notes are expected to be issued in three tranches due 2013, 2018 and 2038, the agency said, adding that note proceeds will be used to repay a $500 million term loan with the remainder used to reduce outstanding revolving credit borrowings.

The issuer default rating for Energy Transfer is BBB-.

The outlook is stable.

Fitch said that Energy Transfer's rating and stable outlook reflect the increasing scale, scope and diversity of its operations, strong quantitative credit measures, a conservative distribution policy, a favorable near-term regional natural gas supply position from expanding Barnett Shale and Bossier Sands development and the expected benefits of ongoing contractually supported pipeline expansions.

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