S&P: Energy Transfer notes BB-

S&P said it assigned its BB- issue-level rating to Energy Transfer Equity LP's proposed senior secured notes due 2023.

The 4 recovery rating indicates an expectation of average (30%-50%; rounded estimate: 45%) recovery in the event of a payment default.

The partnership intends to use the net proceeds from the notes to repay outstanding debt under its term loan facility and for general partnership purposes.

The corporate credit rating is BB- and the outlook is stable.

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