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Fitch affirms Energy Transfer
Fitch Ratings said it affirmed the issuer default ratings for Energy Transfer Partners, LP and Energy Transfer Equity, LP at BBB- and BB-, respectively.
Fitch affirmed Energy Transfer partner's BBB- senior debt and Energy Transfer Equity's BB senior secured revolving credit facility and BB senior debt.
The outlooks are stable.
The ratings reflect significant scale and scope of operations and increasing diversity of assets, favorable asset positioning enables Energy Transfer Partners to benefit from expanding natural gas shale development and associated natural gas liquids production and adequate liquidity and capital market access, most recently demonstrated by the issuance by Energy Transfer Partners more than $700 million in common units, the agency said.
The ratings consider an aggressive growth and acquisition strategy, the depressing effect of low natural gas prices and compressed basis differentials on intrastate pipeline and storage margins and debt leverage ratios modestly above historical norms, the agency added.
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