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Fitch affirms Williams
Fitch Ratings said it affirmed the issuer default ratings and senior debt ratings for Williams Cos., Inc., Williams Partners LP and Williams Partners Finance Corp. at BBB-, following the announced planned spin-off of the company's exploration and production operations.
Fitch also affirmed the BB junior subordinated convertible debentures of Williams Cos. and the BB issuer default and senior debt ratings of Williams Partners' affiliates Northwest Pipeline GP and Transcontinental Gas Pipeline Co., LLC.
The outlook is stable.
The proposed separation of the exploration and production operation contemplates two steps: an initial public offering in mid-2011 of up to 20% of the new entity, followed by a full separation in 2012 through a tax-free spin-off of remaining interest, Fitch said.
The affirmation considers the pro forma, post-spin consolidated and parent company credit ratios, business risk and the quality of cash flows, Fitch said.
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