Fitch rates Enterprise Products notes BBB+, BBB-

Fitch Ratings said it affirmed Enterprise Products Operating LLC's long-term issuer default rating at BBB+, senior unsecured debt rating at BBB+ and junior subordinated notes at BBB-.

Enterprise Products Operating is the operating partnership of master limited partnership Enterprise Products Partners LP.

The outlook is stable.

Additionally, the agency rated Enterprise Products Operating’s proposed offering of senior unsecured notes BBB+ and proposed offering of junior subordinated notes BBB-.

Proceeds will be used for general corporate purposes, and the prepayment of a tranche of subordinated debt due 2068.

Fitch said Enterprise Products Operating’s ratings reflect Enterprise Products Partners’ scale, the quality of its highly networked midstream facilities, the management team's commercial acumen exhibited in its marketing and project development activities, the strong and steady resulting cash flow, and the company's conservative management approach toward policies concerning fee-based contracts, the financing capital mix, and distributions.

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