S&P: Williams, Williams Partners on developing watch

Standard & Poor’s said it affirmed its BB+ corporate credit and senior unsecured debt ratings on the Williams Cos. Inc. and placed them on CreditWatch with developing implications.

At the same time, S&P also affirmed the BBB long-term corporate credit rating and A-2 short-term rating on Williams Partners LP and placed them on CreditWatch developing.

S&P also affirmed the BBB corporate credit ratings on operating subsidiaries Northwest Pipeline LLC and Transcontinental Gas Pipe Line Co. LLC and placed them on CreditWatch developing.

The developing CreditWatch indicates that S&P could raise, lower or leave the rating unchanged.

“We expect to resolve the developing CreditWatch when we obtain greater clarity into recent events,” said S&P credit analyst Nora Pickens in a news release.

Williams announced that its board of directors is considering several alternatives following receipt of an unsolicited proposal to acquire Williams in an all-equity transaction at a slated per share price of $64, a 32% premium to the Williams share closing price on June 19.

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