TEXT-S&P release on Oneok

(The following statement was released by the rating agency)

April 21 - Standard & Poor's Rating Services said today it affirmed its
'BBB' corporate credit rating on ONEOK Inc. (OKE.N: Quote, Profile, Research) (ONEOK) and ONEOK Partners
L.P. The outlook is stable on both entities.

Tulsa, Okla.-based ONEOK distributes, markets, and transports natural
gas, and is the general partner and 45.7% limited partner owner of midstream
master limited partnership (MLP) ONEOK Partners.

The ratings on ONEOK reflect the company's consolidated satisfactory
business risk profile and intermediate financial profile. ONEOK's business
lines consist of its energy services segment (25% of operating margins), its
low-risk regulated gas distribution segment (21% of operating margins), and
cash flows from its ownership interest in ONEOK Partners (54% of operating
margins).

"Key risks include the commodity price sensitivity at ONEOK Partners'
gathering and processing segment, and the energy services segment's liquidity
demands. In addition, the heavy organic capital spending plans at ONEOK
Partners bring the risk of extended lags between capital spending and cash
flow generation," said Standard & Poor's credit analyst Plana Lee.

The stability of cash flows from ONEOK's regulated gas utilities helps to
mitigate the risks of other business lines. ONEOK's local gas distribution
segment consists of Oklahoma Natural Gas, Kansas Gas Service, and Texas Gas
Service. Their geographic diversity reduces the risk of adverse regulation in
any one jurisdiction.

The rating on ONEOK is the same as that of ONEOK Partners due to its
large ownership interest in the MLP and the MLP's strategic importance to
ONEOK.

ONEOK Partners' credit strengths reflect the stability of its regulated
natural gas pipeline segment (including a 50% ownership interest in Northern
Border Pipeline Co.) and its natural gas liquids pipeline segment. The natural
gas pipeline segment enjoys an excellent business risk profile primarily due
to the revenue predictability afforded by Federal Energy Regulatory Commission
regulation.

These strengths are somewhat offset by the commodity price sensitivity of
the gathering and processing segment and the risks associated with ONEOK
Partners' heavy capital spending program. The gathering and processing segment
is exposed to commodity price volatility due to its keep-whole contracts
(about 14% of segment margins) and percentage-of-proceeds contracts (56%).
Some of the keep-whole contracts contain conditioning language, and the
company has implemented a hedging program for 2008, which partially mitigates
exposure to commodity price movement.

In addition, capital spending plans are sizable, with most of the
spending at ONEOK Partners for organic growth projects. These projects bring
construction risk, and the need to minimize cost overruns and delays.

The rating also incorporates consolidated ONEOK's intermediate financial
profile. As of Dec. 31, 2007, consolidated adjusted total debt to EBITDA was
about 4.5x. On a stand-alone basis, adjusted total debt to EBITDA was 3.5x at
ONEOK and 4.2x at ONEOK Partners at year-end.

The outlook is stable on both entities. Rating stability is supported by
the credit strength of ONEOK's regulated utilities, which helps to mitigate
its higher risk energy services segment and the commodity price risk at ONEOK
Partners. Additional financial leverage at either ONEOK or ONEOK Partners
could lead to a downward rating action or negative outlook revision at both
entities. Conversely, upward rating movement could result from stronger
consolidated financial metrics, continued hedging efforts at the gathering and
processing segment, and successful cash flow generation on time and on budget
from the company's heavy growth capital spending plan.

Complete ratings information is available to subscribers of
RatingsDirect, the real-time Web-based source for Standard & Poor's credit
ratings, research, and risk analysis, at www.ratingsdirect.com. All ratings
affected by this rating action can be found on Standard & Poor's public Web
site at www.standardandpoors.com; select your preferred country or region,
then Ratings in the left navigation bar, followed by Credit Ratings Search.
(New York Ratings Team)