TEXT-S&P assigns 'BBB-' rating to Williams Cos notes

Thu Dec 13, 2012 3:52pm EST

Dec 13 - Standard & Poor's Ratings Services said today that it assigned its
'BBB-' issue-level rating to The Williams Cos. Inc.'s proposed $850
million senior unsecured notes. The company intends to use net proceeds from the
notes to fund a portion of its $2.4 million investment in Access Midstream
Partners L.P. (BB-/Stable/--). As of Sept. 30, 2012, Williams had total
consolidated debt of about $9.5 billion.

Tulsa-based Williams is a diversified energy company that operates interstate 
gas pipelines, natural gas liquids transportation pipelines, and gathering and 
processing assets. Williams also owns about 70% of master limited partnership 
Williams Partners L.P. (BBB/Stable/--). For 2013, we forecast that Williams 
will achieve a consolidated total debt to EBITDA ratio of about 4.4x. (For the 
corporate credit rating rationale, see our research update on Williams 
published Dec. 12, 2012 on RatingsDirect.) 

RELATED CRITERIA AND RESEARCH
Key Credit Factors: Criteria For Rating The Global Midstream Energy Industry, 
April 18, 2012

The Williams Cos. Inc.
Corporate credit rating                          BBB/Stable/--

New Rating
$850 mil senior unsecured notes                  BBB-


Complete ratings information is available to subscribers of RatingsDirect on 
the Global Credit Portal at www.globalcreditportal.com. All ratings affected 
by this rating action can be found on Standard & Poor's public Web site at 
www.standardandpoors.com. Use the Ratings search box located in the left 
column.
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