Strong competitive position. Large scale operations and diverse business mix. Sizable proportion of fee-based revenues. Aggressive growth strategy. Solid credit-protection measures with debt to EBITDA of about 4.1x in 2017, but decreasing in 2018. Distributes free cash flow to unitholders but retains more distributable cash than peers. The stable outlook reflects our expectation that Enterprise Products Partners L.P. (EPD) will maintain a strong competitive position with minimal commodity risk and solid credit measures. We expect consolidated debt to EBITDA of about 4.1x at year-end 2017, which is at the higher end of our expectations. However, we expect credit metrics to improve in 2018 as growth projects come online and add incremental cash flow. We could revise the outlook to negative
