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S&P affirms EQT Midstream
S&P said it affirmed its BBB- corporate credit and senior unsecured ratings on EQT Midstream Partners LP.
The outlook is stable.
EQT Corp., parent of EQT Midstream Partners, announced an approved plan to separate its upstream and midstream businesses, creating a stand-alone publicly traded corporation that will focus on midstream operations.
The agency said the affirmation reflects a belief that the drop-down of retained midstream assets and merger with Rice Midstream Partners LP are credit positive to EQT Midstream Partners.
“We expect the drop and merger to add both scale and diversity to EQM's existing business, leading to a stronger business risk profile,” S&P said in a news release.
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