Moody’s rates Enterprise Products notes Baa1

Moody's Investors Service said it assigned Baa1 ratings to Enterprise Products Operating LLC's new senior notes.

Proceeds will be used to repay amounts outstanding under its commercial paper program and revolving credit facility and for general corporate purposes.

The outlook remains stable.

"This senior notes offering will effectively refinance the $750 million senior notes that recently matured and short-term borrowings that funded growth capital expenditures," Moody's senior vice president Pete Speer said in a news release.

"While Enterprise's financial leverage is somewhat elevated for its rating and it has to contend with more challenging industry conditions, the partnership's solid execution on growth projects combined with consistent equity issuance provides a clear pathway to reducing its financial leverage to historical norms."

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