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Fitch lifts Williams Partners from junk
Fitch Ratings said it assigned a BBB- rating to Williams Partners LP's $3.5 billion senior notes being issued in three tranches due 2015, 2020 and 2040.
In addition, Fitch upgraded the issuer default and unsecured debt ratings on Williams and William Partners Finance Corp.'s outstanding debt to BBB- from BB and removed them from Rating Watch positive where they were placed on Jan. 19, following plans by Williams Cos., Inc. (BBB-/stable) to consolidate its regulated pipeline and midstream operations.
The outlook is stable.
Fitch said the upgrade reflects a strengthening operating and financial profile and investment-grade pro forma credit measures.
Pro forma 2010 debt-to-EBITDA ratio is expected to be under 4 times.
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