Large proportion of fee-based revenues; Rebounded market for petrochemicals resulting in higher throughputs and margins; Processing contracts have largely been restructured as fee-based or percentage-of-liquids; and Improving liquidity. Aggressive growth strategy, Likely decline in distribution coverage as a result of capital spending that has yet to generate returns, and Several business segments face cash flow volatility from volume risks. The ratings on Enterprise Products Partners L.P. reflect the partnership's integrated energy midstream operations, favorable asset positioning, large proportion of stable fixed-fee revenues, a shift to onshore growth from the riskier offshore, and an appropriate mix of equity funding for new growth projects. Offsetting these strengths are the partnership's aggressive growth, highlighted in Enterprise's continuing large capital spending; a likely decline
