Moody's upgrades Williams, units

Moody's Investors Service said it raised the long-term debt ratings of The Williams Cos. Inc. and its natural gas pipeline subsidiaries. Moody's raised Williams' senior implied rating to Ba3 from B2 and its senior unsecured rating to B1 from B3.

Moody's raised the senior unsecured ratings of Northwest Pipeline Corp. and Transcontinental Gas Pipe Line Corp. to Ba2 from B1. Moody's also affirmed Williams Production RMT Co.'s ratings.

The outlook for Williams and its subsidiaries is stable.

This concludes Moody's review of Williams' ratings, which had reflected progress the company had made in a number of areas including operating performance, leverage and liquidity. Moody's also affirmed Williams' SGL-2 speculative grade liquidity rating, which reflects Moody's expectation of good liquidity for the 12 months ending Sept. 30, 2005.

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