S&P rates Oneok notes BBB+

Standard & Poor's said it assigned its BBB+ rating to Oneok Inc.'s (BBB+/watch negative/A-2) proposed $800 million bond issuance due 2015 and 2035.

At the same time, S&P said it placed the rating and other Oneok ratings on CreditWatch with negative implications following the company's announcement it is acquiring the natural gas liquids business owned by several Koch Industries companies for $1.35 billion.

The ratings reflect the reasonably stable financial performance of the company's portfolio as well as the amount of debt used to expand the company through acquisitions, the agency added.

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