On May 25, 2005, Standard&Poor's Rating Services assigned its 'BB+' rating to Enterprise Products Operating L.P.'s (BB+/Positive/--) $500 million senior unsecured notes due 2010. Proceeds from the issuance will be used for capital expenditure programs and repaying almost $230 million of drawn capacity on its $750 million revolver. As of March 31, 2005, Houston, Texas-based Enterprise Products Operating had about $4.3 billion of debt outstanding. Enterprise Products Partners L.P. (BB+/Positive/--) does not issue debt but does guarantee Enterprise Products Operating's debt; therefore, Enterprise Products Partners carries the same rating as Enterprise Products Operating. The rating on Enterprise Products reflects its integrated energy midstream operations, which benefit from a considerable amount of fee-based revenue from pipeline operations, favorable asset
