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Energy Transfer Operating, L.P. -- Moody's rates Energy Transfer Operating's proposed preferred units Ba2

Moody's Investors Service ("Moody's") assigned a Ba2 rating to Energy Transfer Operating, L.P.'s (ETO) proposed Series E Fixed-to-Floating Cumulative Redeemable Perpetual Preferred Units. The proposed preferred units are rated Ba2, two notches below ETO's Baa3 senior unsecured rating, reflecting their subordination to all of the company's existing senior unsecured notes, its unsecured revolving credit facility and its subordinated notes.