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S&P reviews Williams, changes view
S&P said it placed its BB+ corporate credit and senior unsecured debt ratings on Williams Cos. Inc. on CreditWatch with positive implications.
The 4 recovery rating on the company's debt is unchanged, indicating an average recovery (30%-50%; rounded estimate 40%) in the event of a payment default.
At the same time, the agency affirmed the BBB corporate credit and senior unsecured ratings on Williams Partners LP and its wholly owned subsidiaries, Northwest Pipeline LLC and Transcontinental Gas Pipe Line Co. LLC.
S&P also affirmed the A-2 short-term rating on Williams Partners and revised the outlook to negative.
Williams agreed to acquire all outstanding units of Williams Partners in an all-equity transaction valued at about $10.4 billion.
“The rating action reflects our view that the benefits of a less complex corporate structure are offset by a weaker consolidated financial risk profile,” the agency said in a news release.
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