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

NEW YORK (Standard&Poor's) May 19, 2015--Standard&Poor's Ratings Services said today it assigned its 'BB' issue-level rating and '4' recovery rating to Energy Transfer Equity L.P.'s (ETE) proposed senior secured notes due 2027. The '4' recovery rating reflects our expectation of average (30% to 50%; in the upper half of the range) recovery if a default occurs. The partnership intends to use net note proceeds to repay borrowings under its revolving credit facility and for general partnership purposes. As of March 31, 2015, ETE had about $5.5 billion of reported debt on a stand-alone basis. Dallas-based ETE is a large publicly traded U.S. midstream energy partnership. (For the corporate credit rating rationale, see our summary analysis on

...NEW YORK (Standard & Poor's) May 19, 2015--Standard & Poor's Ratings Services said today it assigned its '##' issue-level rating and '4' recovery rating to Energy Transfer Equity L.P.'s (ETE) proposed senior secured notes due 2027. The '4' recovery rating reflects our expectation of average (30% to 50%; in the upper half of the range) recovery if a default occurs. The partnership intends to use net note proceeds to repay borrowings under its revolving credit facility and for general partnership purposes. As of March 31, 2015, ETE had about $5.5 billion of reported debt on a stand-alone basis. Dallas-based ETE is a large publicly traded U.S. midstream energy partnership. (For the corporate credit rating rationale, see our summary analysis on ETE published Dec. 31, 2014, on RatingsDirect.) RELATED CRITERIA AND RESEARCH + Recovery: Revised Revolver Usage Assumptions For Recovery Analysis In Corporate Ratings, Nov. 20, 2014 + Methodology: Master Limited Partnerships And General Partnerships,...

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