Dallas-based diversified midstream energy partnership Energy Transfer LP (ET) has executed a definitive agreement to acquire Enable Midstream Partners L.P. (ENBL) in an all equity transaction. The transaction immediately improves leverage, albeit marginally. We expect the transaction to close in mid-2021. We are affirming our 'BBB-' issuer credit rating and senior unsecured issue-level ratings on ET and its operating subsidiaries, including Energy Transfer Operating L.P. (ETO), Sunoco Logistics Partners Operations L.P., and Panhandle Eastern Pipe Line Co. L.P. The negative outlook reflects our expectation that although adjusted leverage marginally improves, we continue to forecast ET's adjusted debt to EBITDA to be approximately 5x in 2021. We also believe there is some risk to integrating ENBL and reducing leverage in the
