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S&P: Southern Union, Panhandle on positive watch
Standard & Poor's said it is retaining the positive CreditWatch implications on the BBB- corporate credit rating on Williams Cos. and its operating subsidiaries Williams Partners LP, Transcontinental Gas Pipe Line Co. LLC and Northwest Pipeline GP.
S&P placed the BBB- corporate credit rating on Southern Union Co. and its operating subsidiary Panhandle Eastern Pipe Line LP on CreditWatch with positive implications.
The rating actions reflect the view that Williams, if successful in its bid for Southern Union, will ultimately fund the $8.7 billion purchase in a manner whereby its consolidated pro forma debt to EBITDA will remain in the low 4x area, the agency said.
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