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S&P affirms EPCO
Standard & Poor's said it affirmed its B+ corporate credit rating on EPCO Holdings Inc.
The outlook is stable.
The agency noted that EPCO Holdings is 100% owned by EPCO Inc., a private company controlled by Dan Duncan.
S&P said the B+ ratings reflect risks, including that the quality of cash flow servicing the term loan is speculative-grade, being the residual cash flow from two master limited partnerships, Teppco and Enterprise Products and double leverage in that EPCO Holdings' debt is paid from cash flow after servicing about $6.4 billion of debt at the two MLPs.
The buoyant commodity environment has resulted in strong cash from operations and increasing distributions by the MLPs, which mitigates the risks, S&P said.
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