On June 15, 2005, Standard&Poor's Rating Services affirmed its 'BB+' corporate credit ratings on Enterprise Products Operating L.P. and Enterprise Products Partners L.P. and revised the outlook on the companies to stable from positive. As of March 31, 2005, Houston, Texas-based Enterprise Products Operating had about $4.2 billion of debt outstanding. Enterprise Products Partners does not issue debt but does guarantee Enterprise Products Operating's debt. The outlook revision reflects Standard&Poor's reassessment of Enterprise Products' business strategy in relation to new debt raised by parent Enterprise Products Co. Inc. (EPCO; unrated) and expectations that the partnership will likely seek growth opportunities at a pace that will be more aggressive than previously anticipated. In addition to the pace
