Energy Transfer L.P. Outlook Revised To Negative From Stable On Weaker Demand, Growth Prospects; 'BBB-' Rating Affirmed

We expect U.S. diversified midstream energy company Energy Transfer L.P.'s (ET) consolidated credit measures to be weaker than we previously anticipated because of lower commodity prices, weaker demand, and slower growth prospects due to the coronavirus pandemic. We are affirming our 'BBB-' issuer credit rating on ET and its other operating subsidiaries, including Energy Transfer Operating L.P. (ETO). At the same time, we are revising the outlook to negative from stable. The negative outlook on ET reflects our view that the partnership's leverage will be in the 5.5x area for 2020, improving to about 5x in 2021. NEW YORK (S&P Global Ratings) May 12, 2020--S&P Global Ratings today took the rating actions listed above. We expect Energy Transfer's credit measures

...May 12, 2020 - We expect U.S. diversified midstream energy company Energy Transfer L.P.'s (ET) consolidated credit measures to be weaker than we previously anticipated because of lower commodity prices, weaker demand, and slower growth prospects due to the coronavirus pandemic. - We are affirming our '###-' issuer credit rating on ET and its other operating subsidiaries, including Energy Transfer Operating L.P. (ETO). At the same time, we are revising the outlook to negative from stable. - The negative outlook on ET reflects our view that the partnership's leverage will be in the 5.5x area for 2020, improving to about 5x in 2021. NEW YORK (S&P Global Ratings) May 12, 2020--S&P Global Ratings today took the rating actions listed above. We expect Energy Transfer's credit measures to be weaker than we previously anticipated because of lower commodity prices and plummeting demand from the coronavirus pandemic. We expect ET's credit measures to be under some pressure in 2020, with an adjusted-debt-to-EBITDA...

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