The ratings on Enterprise Products Partners L.P. (Enterprise Products) and its operating subsidiary (Enterprise Products Operating LLC) are based on the consolidated credit quality of the companies and reflect a satisfactory business profile and aggressive financial profile. Key credit factors include an expected improvement in credit-protection measures, a sizable proportion of fee-based revenues, and the company's greater business mix diversity that it developed over the past few years, resulting in a strong competitive position. The partnership's rapid growth profile, which places a notable strain on the master limited partnership's (MLP) financial profile and financial flexibility, offset these strengths. Credit quality is also based on a projected slackening in the spending rate for internal expansion and a financial policy, including distribution
