S&P rates EQT Midstream notes BBB-

S&P said it assigned its BBB- issue-level rating to EQT Midstream Partners LP's proposed senior notes due in multiple tranches.

The partnership intends to use the net proceeds to repay amounts outstanding under its $2.5 billion 364-day term loan facility and for general partnership purposes.

If its merger with Rice Midstream Partners LP closes, EQM also intends to use a portion of the proceeds to repay amounts outstanding under Rice Midstream's credit facility.

“We expect pro forma debt to EBITDA to be elevated in 2018 between 4.6x and 5x, dropping down to 3.5x in 2019, which includes a full year of EBITDA contributions from both the retained midstream asset dropdown and RMP merger,” the agency said in a news release.

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