Improving scale and asset diversity, while executing on new growth projects. Well-positioned assets with about 85% of cash flows from fee-based activities. Some near-term re-contracting risk related to the partnership's Longhorn pipeline. Our expectation of debt to EBITDA of about 3.8x in 2018 and 2019, and the expectation that the partnership will maintain a conservative financial policy. Healthy distribution coverage of at least 1.2x in 2018 and 2019. A relatively aggressive growth strategy, but we expect debt financing to be commensurate with incremental cash flows 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 partnership will maintain a prudent financial policy.
