UPDATE: Bank of America Moves to No Rating on Williams Partners LP Following News of ACMP Merger

In a report published Monday, Bank of America analyst Gabe Moreen moved to No Rating on

. In the report, Bank of America noted, “We are moving to No Rating on Williams Partners, LP (WPZ) following the announcement by Williams (WMB), WPZ's general partner (GP), of a proposed merger of WPZ with and into Access Midstream Partners, LP (ACMP). WMB is proposing the merger of WPZ/ACMP following the completion of WMB's proposed acquisition of the 50% GP interest and 55.1mn units in ACMP held by Global Infrastructure Partners II (GIP) for $6.0bn, which is expected to close in 3Q14. The proposed merger includes a unit-for-unit exchange at a ratio of 0.85 ACMP units per WPZ unit. In addition, the proposed merger includes an option for WPZ unitholders to take either a one-time special cash payment of $0.81 per unit or an equivalent value of additional common units of ACMP.” Williams Partners LP closed on Friday at $52.92.