S&P keeps Williams on review

S&P said it maintained the CreditWatch with negative implications on all ratings on Williams Cos. Inc.

The 4 recovery rating on the senior unsecured debt is unchanged and indicates an expectation of average (30%-50%; lower end of the range) recovery if a default occurs. The agency revised the recovery expectations on the senior unsecured debt to the lower end of the 30%-50% range, from the higher end of this range. The 6 recovery rating on the junior subordinated notes is also unchanged and indicates an expectation of negligible recovery (0%-10%) if a default occurs.

"We expect to resolve the CreditWatch listing within the next 90 days, during which time we will assess WMB's future financial strategy, dividend policy, expected cash flow, and stand-alone credit measures," S&P credit analyst Michael Grande said in a news release.

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