Fitch: Williams notes BBB-

Fitch Ratings said it assigned a BBB- rating to Williams Partners LP's $500 million senior notes due 2022. The outlook is stable.

The proceeds will be used to repay short-term debt and for general corporate purposes.

The agency said Williams Partners' rating and stable outlook reflect the scale and scope of its operations, the predictability of cash flow generated by its pipelines and fee-based midstream operations, its conservative financial practices and its relationship with Williams Cos., Inc., owner of Williams Partners' general partner and 73% of its limited partner interests.

Fitch projects that Williams Partners' adjusted 2011 debt-to-EBITDA ratio will be under 3.5 times.

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