S&P cuts Oneok long-term rating

Standard & Poor's said it lowered its long-term corporate credit rating on Oneok Inc. to BBB+ from A- and affirmed its A-2 short-term corporate credit rating on the company.

The outlook is stable.

S&P said that at present, two-thirds of Oneok's earnings are subject to commodity pricing volatility. Although that volatility is well managed, S&P said it considers the price risk associated with Oneok's mix of unregulated energy businesses to be incompatible with the lower business risk of most companies rated in the A category.

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