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S&P rates Enterprise Products notes BB+
Standard & Poor's said it affirmed its BB+ corporate credit rating on Enterprise Products Partners LP and assigned its BB+ senior unsecured rating to Enterprise Products' subsidiary Enterprise Products Operating LP's proposed $2.0 billion note issues. The outlook is stable.
Proceeds from the issuances will be used to permanently finance acquisition-related bank debt related to Enterprise Products' pending merger with GulfTerra Energy Partners LP.
S&P said the rating on Enterprise Products reflects its integrated energy midstream operations, which benefit from a considerable amount of fee-based revenue from pipeline operations, favorable asset positioning and a long-standing strategic alliance with Shell Oil Co.
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