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S&P lowers Oneok
Standard & Poor's said it lowered its corporate credit rating on Oneok Inc. to BBB from BBB+.
In addition, the ratings were removed from CreditWatch with negative implications, where they were placed on May 10, S&P said. The outlook is stable.
The agency said the ratings downgrade reflects an increasing business risk profile driven by a volatile gas price environment and an adjustment to Oneok's business risk position, considering that the company has 50% of unregulated cash flow.
S&P added Oneok has a moderate financial profile and a weak business risk profile that is mainly driven by its unregulated business activities, and, in particular, its marketing and trading activities.
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