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Fitch ups Williams, assigns F3 short-term
Fitch Ratings said it upgraded the long-term issuer default rating and senior unsecured rating of Williams Cos., Inc. to BBB- from BB+.
The agency assigned a short-term issuer default rating and a commercial paper rating of F3.
Williams Partners LP was merged into Williams. The ratings on Williams Partners were affirmed and withdrawn, while the debt originally issued as Williams Partners debt was moved to Williams debt and so carries the BBB- rating and F3 rating.
The outlook is positive.
Fitch also affirmed the issuer default ratings of Transcontinental Gas Pipe Line Co., LLC and Northwest Pipeline Co. LLC at BBB.
“WMB's ratings reflect its immense scale, geographical diversity of operations and predominantly long-term, fee-based contracts that underpin its operations,” the agency said in a news release.
“Concerns include construction risk and volume risk.”
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