U.S. midstream energy master limited partnership Enterprise Products Partners' (EPD) credit risk profile continues to improve due to its increased scale and asset diversity, solid key credit measures, and our view that credit ratios can withstand most commodity and volume conditions with minimal change, and an ongoing increase in fee-based cash flows and successful project execution. We are raising the corporate credit rating on the partnership to 'BBB+' from 'BBB'. The outlook is stable. The stable outlook reflects our expectation that 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 near 4x irrespective of most reasonable commodity price and volume conditions.
