...The recent upgrade of ONEOK, L.L.C.'s (OKE) rating reflects Fitch Ratings' expectations that the company's leverage will decline to 3.5x immediately and remain below that level over the forecast period. This view is supported by management's updated leverage policy of around 3.25x debt-to-EBITDA or lower. OKE's credit profile benefits from its position among the larger North American midstream companies, with integrated systems across multiple products and contracts that are largely fixed-fee for service. The company's businesses are largely volume-exposed, as most of its contracts do not contain volume assurance provisions....
