Fitch rates Enable Midstream notes BBB-

Fitch Ratings said it assigned a BBB- rating to Enable Midstream Partners, LP's proposed issuance of senior unsecured notes due 2027.

The new notes will rank pari passu with the partnership's senior unsecured debt.

Proceeds will be used for general partnership purposes, including the repayment of the revolver.

The agency currently rates Enable's long-term issuer default rating and senior unsecured debt BBB-.

The outlook is stable.

Fitch said the BBB- rating is supported by Enable's strategy to generate significant earnings from fee-based assets, which provide somewhat stable cash flows. In 2016, 87% of gross margins were from fee-based margins. The rating is also supported by the partnership's size, diversity of assets and customers, the agency added.

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