Energy Transfer L.P.'s Preferred Units Rated 'BB'

NEW YORK (S&P Global Ratings) June 1, 2021--S&P Global Ratings today assigned its 'BB' issue-level rating to Energy Transfer L.P.'s (ET) series H fixed-to-floating-rate cumulative redeemable perpetual preferred units. The company intends to use net proceeds to partially repay outstanding debt and for general partnership purposes. We classify the series H units as having intermediate equity content because we believe they meet our requirements for permanence, subordination, and deferability. As a result, the proposed units will receive 50% equity treatment in the calculation of our credit metrics. Dallas-based ET is one of the largest midstream energy partnerships in the U.S. with a strategic footprint in every major domestic production basin. The partnership operates diverse assets that include complementary natural gas

...June 1, 2021 NEW YORK (S&P Global Ratings) June 1, 2021--S&P Global Ratings today assigned its '##' issue-level rating to Energy Transfer L.P.'s (ET) series H fixed-to-floating-rate cumulative redeemable perpetual preferred units. The company intends to use net proceeds to partially repay outstanding debt and for general partnership purposes. We classify the series H units as having intermediate equity content because we believe they meet our requirements for permanence, subordination, and deferability. As a result, the proposed units will receive 50% equity treatment in the calculation of our credit metrics. Dallas-based ET is one of the largest midstream energy partnerships in the U.S. with a strategic footprint in every major domestic production basin. The partnership operates diverse assets that include complementary natural gas midstream, intrastate, and interstate transportation and storage; crude oil, natural gas liquids (NGLs), and refined product transportation and terminaling;...

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