Energy Transfer Equity L.P.'s Proposed Senior Secured Notes Rated 'BB-' (Recovery Rating: '4')

NEW YORK (S&P Global Ratings) Oct. 3, 2017--S&P Global Ratings today assigned its 'BB-' issue-level rating and '4' recovery rating to Energy Transfer Equity L.P.'s (ETE) proposed senior secured notes due 2023. The '4' recovery rating on the notes indicates our expectation of average (30%-50%; rounded estimate: 45%) recovery in the event a payment default occurs. The partnership intends to use the net proceeds from the notes to repay outstanding debt under its term loan facility and for general partnership purposes. Dallas-based ETE is one of the largest publicly traded U.S. midstream energy partnerships. The corporate credit rating is 'BB-', and the outlook is stable. For the corporate credit rating rationale, see our research update on ETE published April 28,

...NEW YORK (S&P Global Ratings) Oct. 3, 2017--S&P Global Ratings today assigned its '##-' issue-level rating and '4' recovery rating to Energy Transfer Equity L.P.'s (ETE) proposed senior secured notes due 2023. The '4' recovery rating on the notes indicates our expectation of average (30%-50%; rounded estimate: 45%) recovery in the event a payment default occurs. The partnership intends to use the net proceeds from the notes to repay outstanding debt under its term loan facility and for general partnership purposes. Dallas-based ETE is one of the largest publicly traded U.S. midstream energy partnerships. The corporate credit rating is '##-', and the outlook is stable. For the corporate credit rating rationale, see our research update on ETE published April 28, 2017. RELATED CRITERIA + General Criteria: Methodology For Linking Long-Term And Short-Term Ratings , April 7, 2017 + Criteria - Corporates - General: Recovery Rating Criteria For Speculative-Grade Corporate Issuers, Dec. 7, 2016...

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