Moody's rates Energy Transfer notes Ba2

Moody's Investors Service said it affirmed the Ba1 corporate family rating of Energy Transfer Equity, LP and assigned a rating of Ba2 (LGD 6, 92%) to its proposed $1 billion senior note issue.

Moody's said it also affirmed the Ba1 probability of default rating and the Ba2 (LGD 6, 92%) ratings on the company's $500 million guaranteed senior secured revolving credit facility and $1.45 billion senior secured term loan B facility.

The outlook is negative.

"We view the refinancing as largely leverage and credit neutral for the Energy Transfer family, with some reduced liquidity risk," said Tom Coleman, senior vice president.

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