A strong competitive position; A diverse business mix; and A high proportion of fee-based revenues. An aggressive growth strategy; An aggressive financial profile; and A decline in processing and fractionation margins. We base our ratings on Enterprise Products Partners L.P. (Enterprise Products) and its operating subsidiary Enterprise Products Operating LLC on the companies' consolidated credit quality of the companies. Ratings reflect a satisfactory business profile and aggressive financial profile. Key credit factors include an expected improvement in credit-protection measures, a sizable proportion of fee-based revenues, a strong competitive position, and adequate liquidity position. The partnership's generally rapid growth profile, which places a notable strain on the master limited partnership's (MLP) financial profile and financial flexibility, offsets these strengths. Credit quality
