December 13, 2012 / 8:55 PM / in 5 years

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

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.) 

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 All ratings affected 
by this rating action can be found on Standard & Poor's public Web site at Use the Ratings search box located in the left 
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