Energy Transfer LP Issuer Rating Raised To 'BBB-' After Merger; Rating Removed From CreditWatch; Outlook Stable

U.S. midstream energy company Energy Transfer Equity L.P. (ETE) has completed its merger with master limited partnership Energy Transfer Partners, L.P. (ETP) in a unit-for-unit exchange, after 98.2% of the total ETP common units that were voted approved the transaction. As part of the merger, ETE changed its name to Energy Transfer LP and ETP changed its name to Energy Transfer Operating LP We are raising the issuer credit rating on ETE to 'BBB-' from 'BB-' and removing the rating from CreditWatch, where we placed it with positive implications on Aug. 2, 2018. We are also raising ETE's senior secured issue-level rating to 'BB+' from 'BB-'. We are maintaining the CreditWatch with positive implications for this debt, which is structurally

...+ U.S. midstream energy company Energy Transfer Equity L.P. (ETE) has completed its merger with master limited partnership Energy Transfer Partners, L.P. (ETP) in a unit-for-unit exchange, after 98.2% of the total ETP common units that were voted approved the transaction. + As part of the merger, ETE changed its name to Energy Transfer LP and ETP changed its name to Energy Transfer Operating LP + We are raising the issuer credit rating on ETE to '###-' from '##-' and removing the rating from CreditWatch, where we placed it with positive implications on Aug. 2, 2018. + We are also raising ETE's senior secured issue-level rating to '##+' from '##-'. We are maintaining the CreditWatch with positive implications for this debt, which is structurally subordinate to the operating companies' debt. + The ratings on ETP and wholly owned operating subsidiaries ETP Legacy LP, Sunoco Logistics Partners Operations L.P., Panhandle Eastern Pipe Line Co. L.P., and Regency Energy Partners L.P. are unaffected...

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