Moody's hikes Enterprise Products notes

Moody's Investors Service said it upgraded Enterprise Products Operating, LLC's backed senior unsecured notes to A3 from Baa1, backed junior subordinated notes to Baa1 from Baa2, backed senior unsecured shelf rating to (P)A3 from (P)Baa1, backed subordinated shelf rating to (P)Baa1 from (P)Baa2 and changed the company's outlook to stable from positive.

"The upgrade reflects our view that Enterprise will continue to thrive as a leading midstream company while maintaining excellent financial flexibility through volatile oil and gas price cycles," said Sajjad Alam, a Moody's vice president, in a press release.

"Based on management's strong track record of prudent financial policies, we believe the company will be able to comfortably manage its competing leverage, investment and distribution goals, and further expand the scale and breadth of its operations over time," Alam added.

The stable outlook mirrors the stable cash flow, prudent financial policies and manageable capital expenditures and distribution obligations, the agency said.

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