We base the ratings on Enterprise Products Partners L.P. and its operating subsidiary Enterprise Products Operating LLC on its 'strong' business risk profile and 'significant' financial risk profile. Key credit factors include an improvement in credit-protection measures, a sizable proportion of fee-based revenues, and the company's development of greater business mix diversity, 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 by forcing the partnership to continuously raise external capital, somewhat offset these strengths. On April 30, 2010, we revised the outlook on Enterprise Products to positive from stable. The outlook revision reflects the improvement in Enterprise Products' credit risk profile driven
