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. Mr. Duncan, through his privately owned Enterprise Products Co. Inc. (EPCO) and other family interests, owns Enterprise Products' general partner, Enterprise Products GP LLC, and 38.6% of Enterprise Products' partnership limited
