We expect diversified midstream energy partnership Energy Transfer L.P.'s (ET's) credit ratios to continue to improve over the next 12-24 months. Stronger commodity prices, increasing volumes, and capital projects becoming operational will lead to excess free cash flow for further debt reduction. As a result, we affirmed our 'BBB-' issuer credit rating and senior unsecured issue-level ratings on ET and its operating subsidiary, Panhandle Eastern Pipe Line Co. L.P. The outlook is stable. The stable outlook on ET reflects our expectation of adjusted debt to EBITDA of approximately 4.5x in 2022, improving to below 4.5x in 2023 as the partnership continues to improve its adjusted credit measures. The stable outlook reflects our expectation that despite a growing distribution, ET's adjusted
