Moody’s gives Energy Transfer preferreds Ba2

Moody's Investors Service said it assigned a Ba2 rating to Energy Transfer Partners, LP's proposed series A fixed- to floating-rate cumulative redeemable perpetual preferred units and affirmed its Baa3 senior unsecured rating, Ba1 junior subordinated notes rating and P-3 commercial paper rating.

The outlook is negative.

The agency also affirmed Sunoco Logistics Partners Operations LP’s Baa3 senior unsecured rating and its P-3 commercial paper rating.

The outlook is also negative.

“The proposed preferred units are rated Ba2, two notches below the Baa3 senior unsecured rating, reflecting their subordination to all of the company's existing senior unsecured notes, its unsecured revolving credit facility and its subordinated notes,” Moody’s said in a news release.

The agency added that it attributes 50% equity credit to the preferred units.

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