Improving scale and asset diversity, while executing new projects; Well-positioned assets with about 85% of cash flows from fee-based business; and No material near-term recontracting risk or counterparty risk. Debt to EBITDA will be about 3.5x in 2016, and the company will continue to maintain a conservative financial policy; Healthy distribution coverage of greater than 1.2x; and Although growth pace is still aggressive, management has shown prudence in its financing. Debt financing appears to be commensurate with incremental cash flow from new projects. The stable outlook reflects Magellan Midstream Partners L.P.'s stable asset base, which has grown substantially through fee-based activities and S&P Global Ratings' expectation that the company will maintain a prudent financial policy. We also expect the company
