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

NEW YORK (S&P Global Ratings) July 6, 2026--S&P Global Ratings today assigned its ?BB+? issue-level rating to Energy Transfer L.P.?s (ET; BBB/Stable/--) proposed Series 2026A and Series 2026B junior subordinated notes due 2057. ET is a Dallas-based midstream energy master limited partnership. ET plans to use the net proceeds from this offering to redeem all or part of its outstanding Series H $900 million preferred shares, refinance existing debt--including repayment of commercial paper and borrowings under its revolving credit facility--and for general partnership purposes. We consider these notes to have intermediate equity content, given their subordinate status, permanence, and flexibility to defer payments. To calculate ET?s consolidated credit ratios, we will treat 50% of the issuance as equity. Although the

...July 6, 2026 NEW YORK (S&P Global Ratings) July 6, 2026--S&P Global Ratings today assigned its `##+' issue- level rating to Energy Transfer L.P.'s (ET; ###/Stable/--) proposed Series 2026A and Series 2026B junior subordinated notes due 2057. ET is a Dallas-based midstream energy master limited partnership. ET plans to use the net proceeds from this offering to redeem all or part of its outstanding Series H $900 million preferred shares, refinance existing debt--including repayment of commercial paper and borrowings under its revolving credit facility--and for general partnership purposes. We consider these notes to have intermediate equity content, given their subordinate status, permanence, and flexibility to defer payments. To calculate ET's consolidated credit ratios, we will treat 50% of the issuance as equity. Although the notes have a maturity of more than 30 years, we deem 2037 as the effective maturity date. At that time, the notes will receive no equity content because their effective...

Ratings Action