Fitch upgrades ONEOK rating to BBB+ on Apollo investment
Fitch upgraded ONEOK's long-term issuer default rating to BBB+ from BBB, citing a $9B Apollo investment, Brazos acquisition, and debt repayment. Fitch expects leverage to decline to 3.5x and remain below that level. The upgrade reflects ONEOK's strengthened position in the Permian Basin and improved financial flexibility.

