Moody's lifts Williams from junk

Moody's Investors Service said it upgraded the senior unsecured long-term debt ratings of the Williams Cos., Inc. to Baa3 from Ba2 and of subsidiaries Transcontinental Gas Pipeline and Northwest Pipeline Corp. to Baa2 from Ba1.

The actions conclude the review begun on May 21 after Williams announced the sale of its power business. Williams Partners LP remains under review for upgrade pending completion of the Wamsutter transaction announced on Nov. 1.

The outlook is stable.

"Williams' return to an investment grade rating is the result of a multi-year recovery process that has resulted in a more focused and disciplined company, including elimination of the negative overhang from its merchant power generation business," Moody's vice president Steve Wood said in a written statement.

"Strategically, Moody's believes that Williams' management is committed to maintaining an investment-grade rating and we expect them to demonstrate this through conservative financial polices and capital spending discipline," Wood said.

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