We base our ratings on midstream energy company Enterprise Products Partners L.P. (Enterprise Products) and its operating subsidiary Enterprise Products Operating LLC on the companies' consolidated credit quality. Ratings 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, a strong competitive position, and adequate liquidity position. The partnership's generally rapid growth profile, which places a notable strain on the master limited partnership's (MLP) financial profile and financial flexibility, offsets these strengths. Credit quality also stems from a projected slackening in the capital spending program and a financial policy, including distribution decisions, which gives due regard to the need to maintain adequate liquidity and distribution
