Moody's Upgrades Williams Ratings
Wednesday, June 7th 2006, 10:42 am
By: News On 6
TULSA, Okla. (AP) -- Moody's Investors Service on Wednesday upgraded Williams Cos. Inc.'s long-term debt ratings to Ba2.
The agency also took Tulsa-based Williams' corporate family rating to Ba2 from Ba3, and lifted its senior unsecured debt to Ba2 from B1.
Moody's further upgraded the senior unsecured ratings of Williams' natural gas pipeline subsidiaries, Transcontinental Gas Pipeline and Northwest Pipeline Corp., to Ba1 from Ba2, and changed Williams' speculative grade liquidity rating to SGL-1 from SGL-2. The outlook is stable.
The moves conclude a ratings review that was started April 4, San Francico-based Moody's said, and reflect improvement in Williams' core natural gas businesses as well as the agency's expectation for growing operating cash flow over the near to medium term.
"The two-notch upgrade of Williams' senior unsecured notes also reflected the virtual elimination of secured debt, because Williams repaid the secured RMT term loan and replaced its secured revolving credit facility with an unsecured facility," said Moody's Vice President Steve Wood in a statement.