S&P rates Williams notes BBB-

Standard & Poor's said it assigned its BBB- issue-level rating to Williams Partners LP's proposed $500 million senior unsecured notes offering due 2022.

The partnership intends to use the net proceeds to repay almost all outstanding borrowings under its credit facility and for general corporate purposes, according to an S&P news release.

S&P said its corporate credit rating on Williams is BBB- and on CreditWatch with positive implications. The resolution of the CreditWatch listing depends on Williams' successful tender offering as well as the outcome of the Energy Transfer Equity and Southern Union Co. merger, the agency said.

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