Research Update: Energy Transfer L.P.'s Proposed Senior Unsecured Notes Rated 'BBB', ICR Affirmed, Outlook Stable

S&P Global Ratings today assigned its 'BBB' issue-level rating to Dallas-based midstream energy master limited partnership (MLP) Energy Transfer L.P.'s (ET) proposed senior unsecured notes due 2034 and 2054 and its 'BB+' issue-level rating to the partnership's proposed junior subordinated notes due 2054. ET expects to use the net proceeds from these offerings to refinance its existing debt, redeem all of its outstanding Series C, D, and E preferred units, and for general partnership purposes. We have assigned a new Management&Governance (M&G) assessment of positive to the partnership. This assignment follows the Jan. 7 publication of S&P Global Ratings' revised criteria for evaluating the credit risks presented by an entity's M&G framework. At the same time, we affirmed

...- S&P Global Ratings today assigned its '###' issue-level rating to Dallas-based midstream energy master limited partnership (MLP) Energy Transfer L.P.'s (ET) proposed senior unsecured notes due 2034 and 2054 and its '##+' issue-level rating to the partnership's proposed junior subordinated notes due 2054. ET expects to use the net proceeds from these offerings to refinance its existing debt, redeem all of its outstanding Series C, D, and E preferred units, and for general partnership purposes. - We have assigned a new Management & Governance (M&G) assessment of positive to the partnership. This assignment follows the Jan. 7 publication of S&P Global Ratings' revised criteria for evaluating the credit risks presented by an entity's M&G framework. - At the same time, we affirmed all of our existing ratings on ET, including our '###' issuer credit rating. - The stable outlook reflects our expectation that the partnership will continue to employ a prudent financial policy over the long-term...

Research Update