This is what’s in the news for Tuesday, June 28th. Reuters reports that Williams Cos. (NYSE:WMB) said its $4.9B proposal to buy Southern Union (NYSE:SUG) is not subject to any financing contingency, as charged by rival bidder Energy Transfer Equity LP (NYSE:ETE). The Wall Street Journal reports that Toyota’s (NYSE:TM) senior unsecured long-term credit ratings were cut by Moody’s to Aa2 from Aa3. Moody’s says it will take time for the automaker to return to “strong profitability” and that further ratings cut remains a possibility. Reuters reports that Air Canada and United Continental Holdings (NYSE:UAL) halted a planned joint venture after Canada’s competition watchdog filed an application to have the proposed deal scrapped on antitrust grounds. Finally, Bloomberg reports that filings for IPOs worldwide are at the fastest pace since 2007 as Greece’s debt crisis and China’s rising inflation pull down stock markets. At least 720 companies announced plans this quarter to seek $67B in IPOs.