The Williams Cos. Inc. And Subsidiaries Ratings Raised To 'BBB' From 'BBB-'; Outlook Stable Mar 12

Standard & Poors, March 2012

Abstract
U.S.-based diversified energy company The Williams Cos. Inc.'s consolidated credit profile has improved as a result of the spinoff of its volatile exploration and production business, WPX Energy Inc. We are raising our corporate credit ratings on Williams and its operating subsidiaries, Williams Partners L.P. (WPZ), Transcontinental Gas Pipe Line Co. Inc. (Transco), and Northwest Pipeline GP (Northwest), to 'BBB' from 'BBB-'. We are removing the ratings from CreditWatch with positive implications. The stable rating outlook reflects our expectations that Williams will maintain consolidated financial leverage below 4x and adequate liquidity, and successfully execute on its organic growth plans over the intermediate term. NEW YORK (Standard & Poor's) March 5, 2012--Standard & Poor's Ratings Services today raised its corporate credit...

Companies mentioned in this report are:
- The Williams Cos. Inc.
- Northwest Pipeline G.P.
- Transcontinental Gas Pipe Line Co. LLC
- Williams Partners L.P.

Action: Outlook: Stable
Action: Removed From CreditWatch
Action: Upgraded

Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.

Research type: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.

- The Williams Cos. Inc.
- Northwest Pipeline G.P.
- Transcontinental Gas Pipe Line Co. LLC
- Williams Partners L.P.

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