Fitch: Williams' debt no longer 'junk' |
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Published
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Tue, 20 Nov 2007 22:20
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NEW YORK (AP) - Fitch Ratings on Tuesday upgraded several debt ratings on Williams Cos. Inc. from so-called 'junk' status to investment grade. The agency also hiked the investment-grade ratings on debt of Transcontinental Gas Pipe Line Corp. and Northwest Pipeline Corp.'s issuer default ratings and senior unsecured ratings.The ratings agency upgraded Williams' junk issuer default and senior unsecured ratings of 'BB+' by one notch to investment grade 'BBB-.' It also raised Williams' junk junior subordinated convertible debentures by one notch to 'BB' from 'BB-.'Fitch further revised the ratings outlook of Williams Partner LP to positive from stable following a Nov. 1 letter expressing the company's intent to acquire a membership interest in WMB's Wamsutter system. Fitch affirmed Williams Partners' junk issuer default and senior unsecured debt ratings of 'BB.'In addition, Fitch upgraded Transcontinental's investment grade issuer default and senior unsecured ratings by one notch from 'BBB-' to 'BBB.'Finally, Fitch upgraded Northwest Pipeline's investment grade issuer default rating and senior unsecured ratings by one notch to 'BBB' from 'BBB-.'The agency said the upgrades on the pipeline subsidiaries reflects strong operating and financial profiles.The ratings outlook for all entities is stable.Copyright 2007 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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Williams Partners to buy gas plant stake 