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Moody's lowers Williams outlook to negative
Moody's Investors Service said it changed the Williams Cos., Inc.'s (Baa3 senior unsecured) outlook to negative following the announcement that its management and board of directors are evaluating a variety of structural changes in the company.
These potential changes include, but are not limited to, separation of one or more of its principal business units, Moody's said, noting that it also changed the outlook to negative for each of Williams' rated subsidiaries, including Transcontinental Gas Pipe Line Corp. (Baa2 senior unsecured), Northwest Pipeline Corp. (Baa2 senior unsecured) and Williams Partners LP (Ba2 corporate family rating).
"The negative outlook reflects the uncertainty of which businesses will be retained by Williams and what its ultimate capital structure will be," commented Pete Speer, Moody's vice president. "While management has stated that its intention is to retain an investment grade rating, there is risk that the final course of action chosen could result in a ratings downgrade."
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