The ratings on Enterprise Products Partners L.P. reflect the partnership's integrated energy midstream operations, favorable asset positioning, large proportion of stable fixed-fee revenues, a shift to onshore growth from the riskier offshore, and an appropriate mix of equity funding for new growth projects. Offsetting these strengths are the partnership's aggressive growth, highlighted in Enterprise's continuing large capital spending; a likely decline in distribution coverage because much of this recent capital spending will not generate immediate returns; and cash flow volatility stemming from volume risks associated with its natural gas gathering and processing businesses. As a result, Houston, Texas-based Enterprise's business risk profile is '7' (weak). (Utility business risk profiles are categorized from '1' (excellent) to '10' (vulnerable).) As of March
