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TEPPCO Partners LP Jul 05 Product Image

TEPPCO Partners LP Jul 05

  • Published: July 2005
  • Standard & Poors

Abstract
High quality assets, Diverse mix of customers, Limited commodity risk, and Earnings predictability. Status as a master limited partnership (MLP) requires the company to distribute essentially all cash it generates, after debt service and maintenance capital spending. Accordingly, the partnership has minimal internal liquidity cushion. Reliance on acquisitions for growth. Because its internally generated cash is distributed, the company must undertake externally funded acquisitions to grow, raising concerns of integration of the acquired assets and operations. Poor distribution coverage, and High debt leverage. The ratings on TEPPCO Partners L.P. reflect expectations that the partnership will likely pursue a more aggressive growth strategy under its new owner to increase incentive payments to the general partner. This is particularly so because the...

Companies mentioned in this report are: Valero Energy Corp.,Burlington Resources Inc.,Encana Corp.,TE Products Pipeline Co. LLC,Buckeye Partners L.P.,DCP Midstream LLC,Marathon Oil Corp.,Magellan Midstream Partners L.P.
Action: Review

Standard and Poors RatingsXpress Credit Research provides in-depth coverage READ MORE >

Valero Energy Corp.,Burlington Resources Inc.,Encana Corp.,TE Products Pipeline Co. LLC,Buckeye Partners L.P.,DCP Midstream LLC,Marathon Oil Corp.,Magellan Midstream Partners L.P.

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