...June 6, 2024 NEW YORK (S&P Global Ratings) June 6, 2024--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 senior unsecured notes due in 2029, 2034 and 2054. At the same time, we assigned a '##+' issue-level rating to the partnership's proposed junior subordinated notes due in 2054. ET intends to use the net proceeds to partially finance the acquisition of WTG Midstream Holdings LLC; to refinance debt, including borrowings under its revolving credit facility; redeem its outstanding Series A preferred units; and for general partnership purposes. The Series A preferred units have an aggregate liquidation preference of approximately $950 million. We classify the series 2054 junior subordinated 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...
