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S&P gives Energy Transfer Equity notes BB
Standard & Poor's said it assigned its BB issue-level rating and 4 recovery rating to Energy Transfer Equity LP's proposed senior secured notes due 2027.
The 4 recovery rating reflects an expectation of average (30% to 50%; in the upper half of the range) recovery if a default occurs.
The partnership intends to use net proceeds to repay borrowings under its revolving credit facility and for general partnership purposes.
As of March 31, Energy Transfer had about $5.5 billion of reported debt on a standalone basis.
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