Moody’s rates Enterprise notes Baa2

Moody's Investors Service said it assigned a Baa2 rating to Enterprise Products Operating, LLC's proposed junior subordinated notes issue.

Proceeds will be used for: (a) Repayment of debt, including the amounts outstanding under the partnership's commercial paper program and/or its $800 million of senior notes due in September 2017; and (b) for general corporate purposes, including but not limited to the redemption of its outstanding junior subordinated notes due in 2066, 2067, and 2068.

Enterprise's existing ratings, including its Baa1 senior unsecured rating and stable outlook, are unchanged.

The new junior subordinated notes are rated Baa2, consistent with Enterprise's existing junior subordinated notes and one notch below its Baa1 senior unsecured rating, Moody’s explained. The notching reflects the subordinated position of the notes relative to the partnership's existing senior unsecured notes, commercial paper and revolving credit facility.

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