Energy Transfer Equity Ratings Placed On CreditWatch Positive On Planned Acquisition Of The Williams Cos.

U.S. midstream energy master limited partnership Energy Transfer Equity L.P. (ETE) has announced an agreement to acquire The Williams Cos. Inc. for about $38 billion. The combination will create the third-largest energy franchise in North America and one of the five largest globally. We are placing our 'BB' corporate credit and senior secured debt ratings on ETE on CreditWatch with positive implications. We expect to resolve the CreditWatch listing on ETE when the transaction closes in the first half of 2016. At the closing, we would expect to raise the rating on ETE one notch to 'BB+'. The '4' recovery rating on the senior secured debt is unchanged At the same time, we are affirming our ratings on Williams, Williams

...+ U.S. midstream energy master limited partnership Energy Transfer Equity L.P. (ETE) has announced an agreement to acquire The Williams Cos. Inc. for about $38 billion. The combination will create the third-largest energy franchise in North America and one of the five largest globally. + We are placing our '##' corporate credit and senior secured debt ratings on ETE on CreditWatch with positive implications. We expect to resolve the CreditWatch listing on ETE when the transaction closes in the first half of 2016. At the closing, we would expect to raise the rating on ETE one notch to '##+'. The '4' recovery rating on the senior secured debt is unchanged + At the same time, we are affirming our ratings on Williams, Williams Partners L.P., Northwest Pipeline LLC, and Transcontinental Gas Pipe Line Co. LLC and removing the ratings from CreditWatch with developing implications, where we placed them on June 22, 2015. The outlook on the ratings is stable. NEW YORK (Standard & Poor's) Sept. 28,...

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