Fitch rates Energy notes BBB-

Fitch Ratings said it assigned a BBB- rating to Energy Transfer Partners, LP's $2 billion of senior notes due 2022 and 2042. The outlook is negative.

Proceeds will be used to fund the cash portion of the purchase price of Energy Transfer Partners' acquisition of a 50% interest in Citrus Corp. from Southern Union Co.

The agency said the rating reflects its expectation that Energy Transfer Partners will maintain an overall credit profile consistent with its current rating as it completes its pending transactions and finances its organic growth projects.

The negative outlook considers the transactional risk associated with the Citrus purchase and other financial commitments, Fitch said. The agency expects leverage through 2012 to remain high and peak above 4.5 times.

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