We base our ratings on Enterprise Products Partners LP (Enterprise Products) and its operating subsidiary, Enterprise Products Operating LLC (EPO) on the companies' consolidated credit quality. Credit quality reflects a satisfactory business risk profile and a significant financial risk profile. Key credit factors include an improved business risk profile following the merger with TEPPCO Partners LP, a sizable proportion of fee-based revenues, a strong competitive position, and an adequate liquidity position. The consolidated partnership's aggressive 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
