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Moody’s upgrades Williams notes
Moody’s Investors Service said it upgraded Williams Cos., Inc.'s senior unsecured notes rating to Baa3 from Ba2. The outlook is stable.
The agency also affirmed the Baa3 ratings on Williams Partners LP's senior unsecured notes and its stable outlook.
Concurrently, Moody's withdrew Williams' Ba2 corporate family rating, Ba2-PD probability of default rating and the SGL-2 speculative grade liquidity rating.
The Baa2 senior unsecured ratings and stable outlooks of Williams' wholly owned pipeline subsidiaries, Northwest Pipeline LLC and Transcontinental Gas Pipeline Co., LLC, are unaffected by the actions.
Moody’s said the actions follow the completion of Williams' acquisition of the outstanding limited partner units of Williams Partners held by third parties in exchange for Williams shares. The closing of the transaction consolidates Williams Partners into Williams, with Williams assuming Williams Partners’ senior notes.
"With the completion of the merger, Williams has reduced structural complexity and can focus on the execution of its growth projects going forward," Pete Speer, Moody's senior vice president, said in a news release.
“Its diversified asset base with largely fee-based cash flow and increasing amounts of retained cash flow, supported by additional projects coming online, will enable the company to maintain financial leverage and distribution coverage metrics supportive of the Baa3 rating.”
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