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Fitch rates Enterprise Products notes BBB-
Fitch Ratings said it assigns a BBB- rating to Enterprise Products Operating LP's $250 million 5% senior notes due March 2015 and $250 million 5¾% senior notes due March 2035. The outlook is stable.
Proceeds from the notes will be utilized to pre-fund the refinancing of Enterprise's $350 million 8¼% senior notes maturing on March 15, 2005 and to reduce borrowings under its multi-year revolving credit facility.
Fitch said the ratings and outlook reflect the earnings and cash flow benefits derived from its recent merger with Gulf Terra Energy Partners LP and management's success in executing its permanent acquisition financing plan.
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