S&P lifts Williams Cos.

Standard & Poor's said it raised its corporate credit rating on The Williams Cos. Inc. and its subsidiaries to BB+ from BB-.

At the same time, S&P said it withdrew its B-2 short-term rating on the company.

The outlook is stable.

The agency said that the rating action reflects Williams' significantly improved financial metrics and improved operating performance as Williams has employed capital discipline as it has rebalanced its portfolio and reduced debt leverage, positioning the firm to garner greater expected cash flow.

In addition, the company has taken steps to fortify its liquidity and decrease its exposure to long-dated power tolling contracts, the agency noted.

S&P added that the ratings on the company reflect the significant improvement in financial performance at the midstream and E&P subsidiaries, an improving liquidity profile and the stability of its FERC-regulated natural gas pipeline business.

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