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S&P ups Enterprise Products to stable
Standard & Poor's said it revised its outlook on Enterprise Products Operating LP and Enterprise Products Partners LP to stable from positive while affirming the BB+ corporate credit ratings.
The revision reflects S&P's assessment of the company's business strategy in relation to new debt and expectations that the partnership will likely seek growth opportunities at a pace that will be more aggressive than previously anticipated, the agency said.
S&P noted that the ratings reflect integrated energy midstream operations that benefit from a considerable amount of fee-based revenue from pipeline operations, favorable asset positioning and a longstanding strategic alliance with Shell Oil. Co.
These positives, though, are offset by the partnership's cash flow volatility stemming from volumes risks associated with natural gas processing, the agency said.
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