Strong competitive position. Large scale of operations and diverse business mix. Sizable proportion of fee-based revenues. Aggressive growth strategy. Solid credit-protection measures and distribution coverage. Distributes a majority of free cash flow to unitholders. Volatile natural gas processing margins. The stable outlook reflects our expectation that U.S. midstream energy partnership Enterprise Products Partners L.P. (EPD) will continue to build scale and diversity and reduce its commodity price risk, thereby enabling it to maintain a solid financial risk profile with debt to EBITDA about 3.75x irrespective of most reasonable commodity price and volume conditions. We could revise the outlook to negative if debt to EBITDA were to increase to about 4.5x on a sustained basis, which could occur if the company
