S&P: Williams on positive watch

Standard & Poor's said it placed its BB+ corporate credit ratings on The Williams Cos. Inc. and its affiliates on CreditWatch with positive implications.

The rating action reflects the announced sale of Williams' power business segment to Bear Stearns and the potential, upon close of the transaction, of higher ratings for Williams and its subsidiaries, the agency said.

Through the sale of its power unit for $512 million, Williams relieves itself of more than $2.0 billion in imputed debt, while giving up operating cash flows that were volatile and frequently negative, S&P added.

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