Moody's rates Oneok Partners

Moody's Investors Service said it assigned Oneok Partners, LP a prime-2 commercial paper rating and affirmed its Baa2 senior unsecured rating.

The outlook is stable.

The company is establishing a $1 billion 4(2) commercial paper program. The proceeds will be initially used to repay debt and for working capital and general corporate purposes.

The ratings reflect the company's consistent cash flow, Moody's said, tempered by upcoming debt maturities and weaknesses in its credit facility.

The ratings also consider its fairly stable cash flow drawn mostly from fee-based and regulated natural gas assets, the agency said.

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