On the 12th of May, ratings agency Standard & Poor's put Energy Transfer's (ET) investment-grade credit rating (paywalled) on the proverbial chopping block, downgrading its outlook to negative. This makes S&P the first of the three major ratings agencies to potentially send Energy Transfer to junk status and, depending on the trajectory of earnings this year, it might not be the last. It isn't just ratings agencies that have some concerns here. In general, larger investors are far more cautious about the proposed "V"-shaped recovery in oil and gas demand and have taken