Moody's assigns Energy Transfer notes Baa3

Moody's Investors Services said it assigned a Baa3 rating to Energy Transfer Partners, LP's offering of $2 billion of senior unsecured notes due 2022 and 2042.

The outlook remains negative.

"While the notes offering is initially a further leveraging transaction, debt proceeds are expected to be supplemented by asset sale proceeds from ETP's pending exit from its propane business, and recent and potential additional equity issuance, in a likely effort by the company to address its over-levered balance sheet while continuing to support the growth of its asset base," Moody's vice president Andrew Brooks said in a news release.

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