S&P: Williams, subsidiaries up and off watch

Standard & Poor's said it raised its corporate credit rating on Williams Cos. Inc. and its operating subsidiaries, Williams Partners LP, Transcontinental Gas Pipe Line Co. LLC, and Northwest Pipeline GP, to BBB from BBB-.

The agency said it removed the ratings from CreditWatch, where they were placed with positive implications on Feb. 16. The outlook is stable.

"The rating action reflects our view that Williams' consolidated credit profile has improved following its spinoff of its volatile and capital-intensive exploration and production subsidiary, WPX Energy Inc.," said S&P credit analyst Michael Grande in a news release.

The agency said it is revising its assessment of the company's business risk profile to "strong" from "satisfactory" because it estimates that about 70% of cash flow will now come from relatively stable, fee-based sources.

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