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S&P rates Transco notes BBB-
Standard & Poor's said it assigned a BBB- issue rating to the proposed $375 million of senior notes of Transcontinental Pipe Line Co. LLC, a wholly owned subsidiary of Williams Partners LP.
The proceeds will be used to repay its maturing $300 million of 7% notes and for general corporate purposes, including growth capital expenditures.
The rating, which is tied to that of its ultimate parent Williams Cos. Inc. (BBB-/Watch positive), is on CreditWatch with positive implications.
The ratings on Transco reflect the consolidated credit profile of its parent, the agency said.
The ratings on Williams reflect the company's satisfactory business profile and intermediate financial profile, the agency added.
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