The ratings on Enterprise Products Partners L.P. reflect the company's integrated energy midstream operations that benefit from a considerable amount of fee-based revenue from pipeline operations, favorable asset positioning, and a long-standing strategic alliance with Shell Oil Co. Offsetting these positive attributes are the partnership's cash flow volatility stemming from volume risks associated with its natural gas processing and fractionation and a limited operating track record after the merger with GulfTerra Energy Partners L.P. The rating also reflects the reliance the company has on a single individual, Dan Duncan. Currently, Mr. Duncan, through his privately owned company Enterprise Products Co. Inc. (EPCO) and other family interests, owns Enterprise Products' general partner, Enterprise Products GP LLC, and 38.6% of Enterprise Products'
