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Fitch raises Energy Transfer
Fitch Ratings said it has upgraded the issuer default rating and senior secured debt ratings for Energy Transfer Equity, LP one notch to BB and BB+, respectively.
The ratings were removed from rating watch positive, where they were placed on March 12.
The outlook is stable.
According to the agency, Energy Transfer Equity's sale to Energy Transfer Partners, LP (BBB- with a stable outlook) of its 60% interest in the holding company for Sunoco, Inc. and Southern Union Co. and the application of $ 1.4 billion cash proceeds to reduce debt materially improves the company's credit metrics.
Fitch said it expects Energy Transfer's adjusted debt-to-EBITDA, which measures parent company debt against the distributions it receives from its affiliates, to drop below 3.0x in 2013 and approach 2.0x by 2015 as affiliate distributions increase.
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