S&P: Williams unaffected

Standard & Poor's said that the Williams Cos. Inc.'s (BBB-/stable) announcement that it is considering structural changes, including the separation of one or more of the company's principal business units, will not affect the company's ratings or outlook at this time.

The agency said it will evaluate the effect any potential transaction may have on Williams's business and financial risk profiles when the company announces a specific direction or change, expected in the first quarter of 2009.

Depending on the specific details of the announcement, the agency said it may place Williams on Creditwatch with either positive or negative implications when there is more visibility around the company's decision.

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