The ratings on Enterprise Products are based on the consolidated credit quality of its operating companies and reflect its satisfactory business profile and aggressive financial profile. Key credit factors include the master limited partnership's (MLP) improved credit-protection measures, sizable proportion of fee-based revenues, and its greater business mix diversity developed over the past few years, which results in a strong competitive position. These strengths are offset by the partnership's rapid growth profile, which places a notable strain on the MLP's financial profile and financial flexibility. Credit quality is also based on a projected slackening in the spending rate for internal expansion and a financial policy, including distribution decisions, which gives due regard to the need to maintain adequate liquidity and
