Fitch raises Williams Cos.

Fitch said it upgraded the Williams Cos., Inc.’s long-term issuer default rating and senior unsecured rating to BBB from BBB-. The agency also raised the long-term IDR and senior unsecured ratings for Transcontinental Gas Pipeline Co., LLC and Northwest Pipeline Co. LLC to BBB+ from BBB.

“The WMB upgrade is due to Fitch’s revised forecast, which shows FY20 and FY21, in aggregate, below the level that Fitch had previously specified could, if achieved, be the basis for an upgrade. The improved forecast reflects underlying viewpoints related to gathering volumes, counterparty credit risk and capital expenditures,” the agency said in a press release.

The upgrade also partly reflects a new Fitch forecast of the drag on profits from charged-off accounts receivables and rejected long-term revenue-assurance contracts, the agency said.

The upgrade in Williams drives the upgrades for the two subsidiaries, Fitch said.

The outlooks for the three companies are stable.

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