S&P's Oneok ratings unaffected

Standard & Poor's said that Oneok Inc.'s (BBB/negative watch/A-2) announcement that it will reduce its 2005 net income by $8.1 million and raise its 2006 guidance by a similar amount will not affect the company's ratings or outlook. The earnings adjustment is related to the timing of the recognition of changes in the fair value of derivatives that are accounted for as hedges and does not affect 2005 cash flow.

The agency said it views this event as a negative reflection of the company's internal control, but evidence so far does not suggest a pervasive accounting problem serious enough to warrant a downgrade.

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