Fitch reviews Williams

Fitch Ratings said it placed the BB+ issuer default rating and BB+/RR4 senior unsecured rating of Williams Cos., Inc. on rating watch positive.

The action follows the announcement of an agreed plan for Williams to buy in the limited partnership units of Williams Partners LP that it does not already own, in exchange for Williams common shares.

Fitch said the positive watch is based on its expectation that the buy-in plan will eliminate the structural subordination that is currently is a key driver for the ratings.

Should the transaction close as announced and the ultimate debt structure eliminate the structural subordination, the agency said it would consolidate the ratings of Williams and Williams Partners at a BBB- issuer default rating and assign a positive outlook.

Fitch also affirmed the issuer default ratings of Williams Partners at BBB-, Transcontinental Gas Pipe Line Co., LLC at BBB and Northwest Pipeline LLC at BBB.

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