Fitch rates Williams Partners notes BBB-

Fitch Ratings said it assigned a BBB- rating to Williams Partners LP's $500 million senior notes due 2020.

The outlook is stable.

Proceeds will be used to fund a portion of the cash consideration to be paid for certain Piceance Basin midstream assets to be acquired from the Williams Cos., Inc. (BBB-/stable).

The company's rating reflects the scale and scope of its operations and the predictability of cash flow generated from its pipeline and midstream assets, Fitch said.

Key factors driving the rating are corporate strategy regarding acquisitions and organic growth, the company's ability to effectively manage commodity price risk, and debt leverage, the agency noted.

Fitch said it projected the company's adjusted 2010 debt-to-EBITDA ratio to be under 4.0 times.

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