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Moody’s gives EQT notes Ba1
Moody's Investors Service said it assigned a Ba1 corporate family rating to EQT Midstream Partners, LP and a Ba1 rating to its planned issuance of $500 million senior notes.
The agency also assigned a SGL-2 speculative grade liquidity rating and a stable outlook.
Proceeds from the offering will be used to repay revolver borrowings and add cash to the balance sheet to fund future capital expenditures.
"EQM's Ba1 ratings reflect its high quality asset base supported by long-term fee-based contracts, low financial leverage and continued support from its parent, EQT Corporation," Moody's senior vice president Pete Speer said in a news release. "While the partnership is poised to benefit from the rising production in the Marcellus Shale, its relatively small scale and high level of geographic concentration restrained the ratings to Ba1."
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