Fitch affirms Enterprise GP

Fitch Ratings said it affirmed Enterprise GP Holdings LP's issuer default rating of BB-, senior secured revolving credit facility at BB and senior secured term loans at BB.

The outlook is stable.

Ratings reflect diverse and growing cash flows from the underlying asset base, the benefits of receiving limited partnership and general partnership distributions, management's track record of supporting the credit quality and the continued strength of North American energy fundamentals, the agency said.

Concerns include the lack of operating assets, the structurally subordinated nature of its debt to the debt and refinancing risk associated with the 2012 and 2014 debt maturities, the agency noted.

Fitch said it expects debt-to-EBITDA ratio to improve to 3.4 times in 2008 from 4.7 times in 2007.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.