Energy Transfer L.P.'s Junior Subordinated Notes Rated 'BB+'

NEW YORK (S&P Global Ratings) Aug. 11, 2025--S&P Global Ratings today assigned its ?BB+? issue-level rating to Dallas-based midstream energy master limited partnership Energy Transfer L.P. ?s (ET) proposed Series 2025A and Series 2025B junior subordinated notes due in 2056. ET intends to use the net proceeds to repay borrowings under its revolving credit facility and for general partnership purposes. We classify the notes as having intermediate equity content due to their subordination, permanence, and optional deferability features. When calculating ET?s consolidated credit ratios, we will treat the issuance as 50% equity. Although the subordinated notes are due in over 30 years, we consider 2036 the effective maturity date. At that time, the notes will receive minimal equity content because

...August 11, 2025 NEW YORK (S&P Global Ratings) Aug. 11, 2025--S&P Global Ratings today assigned its `##+' issue- level rating to Dallas-based midstream energy master limited partnership Energy Transfer L.P.'s (ET) proposed Series 2025A and Series 2025B junior subordinated notes due in 2056. ET intends to use the net proceeds to repay borrowings under its revolving credit facility and for general partnership purposes. We classify the notes as having intermediate equity content due to their subordination, permanence, and optional deferability features. When calculating ET's consolidated credit ratios, we will treat the issuance as 50% equity. Although the subordinated notes are due in over 30 years, we consider 2036 the effective maturity date. At that time, the notes will receive minimal equity content because their effective maturity will be less than 20 years. The issuer credit rating on the company is '###' and the outlook is stable. For more information, see the full analysis on Energy...

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