A strong competitive position and a diverse business mix; Improvement in credit protection measures; and A sizable proportion of fee-based revenues. Rapid growth profile; An aggressive capital spending program; and Significant commodity price risk, especially with regard to natural gas liquids. Standard&Poor's Ratings Services bases its ratings on Enterprise Products Partners L.P. (EPD) and its operating subsidiary Enterprise Products Operating LLC on its 'strong' business risk profile and 'significant' financial risk profile. Key credit strengths consist of EPD's operating scale, business line diversity, and high proportion of fee-based revenues. Partially offsetting these strengths are EPD's significant financial leverage and aggressive growth strategy. As a master limited partnership (MLP), EPD distributes virtually all free cash flow (after maintenance capital
