Moody’s assigns Ba1 to EQT notes

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

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

Net proceeds will be used to repay EQT's 364-day term loan facility. In addition, if the proposed merger between EQT and Rice Midstream Partners (RMP, unrated) is consummated, EQT intends to repay outstanding borrowings under RMP's revolving credit facility.

"EQM is coming to market to fund a portion of its acquisition costs and funding needs while taking advantage of relatively low interest rates," Moody's vice president Amol Joshi said in a news release.

"EQM's proposed debt issuance will increase debt balances, but boosts EQM's liquidity while it funds the Mountain Valley Pipeline project."

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