Fitch upgrades Enterprise Products Operating

Fitch Ratings said it upgraded its long-term issuer default rating to A- from BBB+, its senior unsecured debt rating to A- from BBB+ and its junior Enterprise Products Operating LLC subordinated debt rating to BBB from BBB-.

Fitch has also affirmed the company’s short-term IDR and CP rating at F2.

The outlook is stable.

“The upgrade results from Fitch's expectation that EPD will not undercut its new credit-friendly leverage policy (announced in February 2023) by increasing risk, either with a debt-financed acquisition of a large high-risk company or any other risk-increasing strategic move,” Fitch said in a news release.

“This assessment reflects Fitch's honing in on EPD's future opportunity set of strategic moves but does not reflect the company's track record or recent statements, which Fitch regards as being clear and credit-supportive.”

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