S&P ups Access Midstream to BBB

Standard & Poor's said it affirmed its BBB corporate credit rating on Williams Partners LP and operating subsidiaries Transcontinental Gas Pipe Line Co. LLC and Northwest Pipeline LLC, and Williams Partners’ short-term rating of A-2.

The outlook is stable.

At the same time, the agency raised its corporate credit rating on Access Midstream Partners LP to BBB from BB+, in line with its rating on Williams Partners, and removed it from CreditWatch it was placed with positive implications on June 16, 2014.

The outlook is stable.

S&P said it bases the ratings of the combined partnership on a "strong" business risk profile and "significant" financial risk profile. Key credit strengths include cash flow that is mainly fee-based (about 90%) from the partnership's pipeline assets and its combination with Access Midstream, which will double gathering capacity and increase and diversify Williams Partners’ gathering and processing business across several new shale basins.

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