Strong competitive position and diverse business mix; Improvement in credit-protection measures; and Sizable proportion of fee-based revenues. Aggressive growth strategy; Master limited partnership structure leads to a high amount of distributable cash flow being distributed to unit holders; and Volatile natural gas processing margins. Standard&Poor's Ratings Services bases its ratings on Enterprise Products Partners L.P. (EPD) and its operating subsidiary Enterprise Products Operating LLC on the companies' strong business risk profiles and significant financial risk profiles. Key credit strengths include EPD's operating scale, business-line diversity, and high proportion of fee-based revenues. EPD's significant financial leverage and aggressive growth strategy partially offset these strengths. As a master limited partnership (MLP), EPD distributes a high proportion of free cash flow
