Fitch Upgrades ONEOK to BBB+ Following Strategic Apollo Investment

Key Facts

1Fitch Ratings upgraded ONEOK's credit rating to BBB+ with a stable outlook.

2The rating upgrade follows a strategic investment by Apollo.

In a move reflecting strengthened creditworthiness within the energy infrastructure sector, Fitch Ratings has upgraded ONEOK, Inc.'s long-term issuer default rating to BBB+ from BBB. According to reports, this upgrade follows a strategic investment from Apollo, which has bolstered the company's financial flexibility. The rating agency also assigned a stable outlook, signaling confidence in the firm's ability to manage its debt obligations while pursuing strategic growth initiatives.

The upgrade highlights the positive impact of Apollo's investment on ONEOK's capital structure and overall balance sheet strength. Per market data, moving to a BBB+ rating typically reduces borrowing costs for large-cap energy firms, enhancing their competitive position in the infrastructure space. This credit improvement underscores a shift toward more robust financial management following the recent capital injection.

Regarding market performance, OKE shares closed at $91.80 as of September 21, 2026, having traded between a day high of $93.11 and a low of $91.63. Investors in the energy sector should monitor upcoming catalysts, including the EIA Weekly Petroleum Report in the US, which serves as a key indicator for broader energy market sentiment.