Moody’s affirms Oneok

Moody’s Investors Service said it affirmed Baa3 senior unsecured ratings of Oneok, Inc. and Oneok Partners, LP.

The agency also affirmed Oneok's P-3 commercial paper rating.

The outlook is stable.

"The affirmation of Oneok's Baa3 rating recognizes strong earnings growth momentum in 2018-2020 led by rising volumes and expected additions to capacity. However, leverage will increase through 2019 to over 4.5x while Oneok constructs two multi-billion dollar pipeline and fractionator projects," Elena Nadtotchi, Moody's vice president and senior credit officer, said in a news release.

"Oneok's strategic focus on the high-growth natural gas liquids segment and timely investment projects, backed by equity placement in 2018 and borrowing, should strengthen the company's relative credit positioning once these projects are completed."

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