Fitch Ratings

Fitch Rates Enterprise Products $500MM Notes 'BBB-'; Outlook Stable

Published in Health Business Week, June 19th, 2009

Fitch Ratings has assigned a 'BBB-' rating to Enterprise Products Operating LLC's (EPO) $500 million new issue of 4.6% senior unsecured notes due 2012. The proceeds will be used to repay short-term borrowings and for general corporate purposes. EPO's Issuer Default Rating (IDR) is 'BBB-'. The Rating Outlook is Stable.

EPO's ratings and Stable Outlook are based on the quality and diversity of the underlying asset base and resulting cash flow performance, the impact of recently completed projects, EPO's attempts to partially mitigate commodity price risk, and a supportive sponsor. Fitch estimates consolidated 2009 Debt/EBITDA of 3.7 times (x) and EBITDA interest coverage...

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Source: Health Business Week (2009-06-19)

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