S&P: Energy Transfer on positive watch

Standard & Poor's said it placed its ratings on Energy Transfer Equity LP, including the BB- corporate credit rating, on CreditWatch with positive implications.

At the same time, the agency revised the recovery rating on the BB- senior notes to three from four, which indicates its expectation of meaningful (50%-70%) recovery in the event of a payment default.

S&P also assigned a preliminary BB- rating and a preliminary three recovery rating to the pending term loan as it will be pari passu with the existing senior notes, and placed the ratings on CreditWatch with positive implications.

"The CreditWatch with positive implications reflects the potential that we will either affirm our 'BB-' corporate credit rating on ETE or raise it to BB," S&P credit analyst William Ferara said in a news release.

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