SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): December 21, 2001
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The Williams Companies, Inc.
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(Exact name of registrant as specified in its charter)
Delaware 1-4174 73-0569878
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(State or other (Commission (I.R.S. Employer
jurisdiction of File Number) Identification No.)
incorporation)
One Williams Center, Tulsa, Oklahoma 74172
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: 918/573-2000
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Not Applicable
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(Former name or former address, if changed since last report)
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Item 5. Other Events.
The Williams Companies, Inc. ("Williams") announced today that
international rating agencies Fitch, Inc., Standard & Poor's and Moody's
Investors Service have reaffirmed Williams' investment-grade ratings. The moves
follow Williams' announcement on Wednesday of its plan to strengthen its balance
sheet and liquidity profile. Williams' ratings for its senior unsecured debt
are: Fitch "BBB", Moody's "Baa2" and Standard & Poor's "BBB".
Item 7. Financial Statements and Exhibits.
Williams files the following exhibit as part of this report:
Exhibit 99.1 Copy of Williams' press release dated December 21, 2001,
publicly announcing the matters reported herein.
Pursuant to the requirements of the Securities Exchange Act of 1934,
Williams has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
THE WILLIAMS COMPANIES, INC.
Date: December 21, 2001 /s/ SUZANNE H. COSTIN
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Name: Suzanne H. Costin
Title: Corporate Secretary
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EXHIBIT 99.1
[WILLIAMS LOGO]
NEWS RELEASE
NYSE: WMB
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DATE: Dec. 21, 2001
CONTACT: Kerry Malone Rick Rodekohr Richard George
Williams (media relations) Williams (investor relations) Williams (investor relations)
(918) 573-2110 (918) 573-2087 (918) 573-3679
kerry.malone@williams.com rick.rodekohr@williams.com richard.george@williams.com
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RATINGS AGENCIES REAFFIRM WILLIAMS' INVESTMENT-GRADE CREDIT
TULSA, Okla. - Williams (NYSE:WMB) today announced that international
rating agencies Fitch, Inc., Standard & Poor's and Moody's Investors Service
have reaffirmed the company's investment-grade ratings. The moves follow
Williams' announcement on Wednesday of its plan to strengthen its balance sheet
and liquidity profile.
Williams' ratings for its senior unsecured debt are:
o Fitch "BBB"
o Moody's "Baa2"
o Standard & Poor's "BBB"
On Wednesday, Williams unveiled a plan to reduce 2002 capital
expenditures by 25 percent, issue $1 billion in mandatory convertible preferred
securities, sell $250 million to $750 million of non-core assets, and initiate
action to eliminate the ratings triggers in the limited number of Williams
financings that have them.
In a news release issued Friday, Fitch said the agency "views these
actions positively as they should improve WMB's credit fundamentals and access
to liquidity in the more difficult and volatile capital market environment."
ABOUT WILLIAMS (NYSE: WMB)
Williams, through its subsidiaries, connects businesses to energy, delivering
innovative, reliable products and services. Williams information is available at
www.williams.com.
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Portions of this document may constitute "forward-looking statements" as defined
by federal law. Although the company believes any such statements are based on
reasonable assumptions, there is no assurance that actual outcomes will not be
materially different. Any such statements are made in reliance on the "safe
harbor" protections provided under the Private Securities Reform Act of 1995.
Additional information about issues that could lead to material changes in
performance is contained in the company's annual reports filed with the
Securities and Exchange Commission.
