Moody’s applies Ba1 to EQT notes

Moody's Investors Service said it assigned a Ba1 rating to EQT Midstream Partners, LP's (EQM) proposed issuance of $500 million senior notes.

Proceeds will be used to repay outstanding borrowings under the company's revolving credit facility and for general partnership purposes, including to fund capital expenditures.

All existing ratings, including the Ba1 corporate family rating, and the stable outlook are unchanged.

"This notes offering refinances revolver borrowings and pre-funds a portion of EQM's growth capital expenditures," Moody's vice president Amol Joshi said in a news release.

"Following the offering, EQM will also have all of its $750 million revolving credit facility available to fund capital expenditures, working capital swings and any other liquidity needs."

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