S&P: Enterprise Products unaffected

Standard & Poor's said Enterprise Products Partners LP's (BB+/stable/--) announcement that it will build a deepwater platform and gas pipeline in the Gulf of Mexico for about $650 million will not affect its ratings or outlook on the partnership.

The project, called Independence Hub, is underpinned by production from six dedicated fields operated by five large independent oil and gas producers.

Production from these fields and future production from nearby prospects is expected to fill the 850 million cubic feet system to capacity for several years, according to S&P.

S&P said spending on Independence Hub will largely occur in 2005 and 2006, with first production expected in 2007.

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