Moody's rates Enterprise Products notes Ba1

Moody's Investors Service said it assigned a Ba1 rating to the proposed $500 million fixed/floating-rate junior subordinated notes due 2067 of Enterprise Products Operating LP, which is the primary operating subsidiary of Enterprise Products Partners LP.

The Ba1 rating is one notch below Enterprise Products' Baa3 senior unsecured rating based on the notes having sufficient equity-like characteristics to receive hybrid securities basket "C" treatment (i.e., 50% equity and 50% debt) for financial statement adjustment purposes, the agency said.

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