Strong competitive position. Large scale operations and diverse business mix. Sizable proportion of fee-based revenues. Aggressive growth strategy. Solid credit-protection measures. Distributes free cash flow to unitholders but retains more distributable cash than peers. Volatile natural gas processing margins. The stable outlook reflects our expectation that Enterprise Products Partners L.P. (EPD) will maintain a solid competitive position with minimal commodity risk and strong credit measures. We expect consolidated debt to EBITDA of about 4.3x at year-end 2016, and at the higher end of our expectation due to challenging market conditions. By 2017, we expect debt to EBITDA to somewhat moderate, and expect EPD to keep financial leverage at about 4x. We could revise the outlook to negative if debt to
