Fitch upgrades Williams Cos.

Fitch Ratings said it upgraded the Williams Cos. Inc.'s senior unsecured debt rating to BB from B+. In addition, the senior unsecured debt ratings of Williams' two pipeline issuing subsidiaries, Transcontinental Gas Pipe Line Corp. and Northwest Pipeline Corp., have been upgraded to BB+ from BB.

Williams Production RMT Co.'s outstanding secured term loan B is affirmed at BB+.

Fitch said the outlook for each entity has been revised to stable from positive.

Fitch said the rating action reflects Williams' significantly deleveraged balance sheet, the company's stable liquidity position and limited debt refinancing risk through 2010, the continued solid financial performance of Williams' core natural gas businesses, and good prospects for continued deleveraging and strengthening of consolidated credit measures through 2006.

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