Fitch rates Enterprise Products hybrids BB+

Fitch Ratings said it assigned a BB+ rating to Enterprise Products Operating LP's $700 million offering of fixed/floating-rate junior subordinated notes due 2068 and affirmed the company's issuer default rating and senior unsecured debt rating at BBB-.

The outlook is stable.

The agency said interest on the notes will be fixed through January 2018 and will adjust quarterly thereafter, the notes will be optionally redeemable after ten years at par plus accrued interest and the notes include a replacement capital covenant for the benefit of the company's other debtholders under which Enterprise will not redeem the notes on or before 2038 unless, during the 180 days prior to the redemption, the company or one of its subsidiaries received a specified amount of proceeds from the sale of securities that are the same or more equity-like than the notes.

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