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Moody's Investors Service ("Moody's") changed legacy Sunoco Logistics Partners Operations L.P.'s and Sunoco, Inc.'s outlooks to negative from stable and affirmed their respective Baa3 senior unsecured debt ratings. The change in outlook to negative follows Moody's change in Energy Transfer Operating, L.P.'s (ETO) outlook to negative and affirmation of its Baa3 senior unsecured rating on July 7, 2020.
Midwest Connector is a special purpose entity formed solely for the purpose of issuing notes. The notes are jointly and severally guaranteed by Dakota Access, LLC (DAPL) and Energy Transfer Crude Oil Company, LLC (ETCOC), the respective owners of the DAPL and ETCOC pipeline assets which together comprise the Dakota Access crude oil pipeline system (Dakota Access).
"The change in Energy Transfer Operating's outlook to negative is in response to the US District Court ruling ordering that its 38% owned and operating Dakota Access Pipeline (Dakota Access) be shut down during a court-ordered environmental review that is expected to extend into mid-2021," commented Andrew Brooks, Moody's Vice President. "This negative event only exacerbates the company's increased leverage expected in 2020 as a result of weak EBITDA and elevated debt levels."