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S&P cuts EQM Midstream, ups Equitrans
S&P said it downgraded EQM Midstream Partners LP to BB from BB+ but raised the rating on Equitrans Midstream Corp. to BB. The rating actions are the result of a number of transactions that involve both companies and EQT Corp. Equitrans also announced a 60% dividend cut.
The agency lowered the rating on Equitrans’ term loan to B+ from BB and revised the recovery rating to 6 based on the expectation of negligible (0%-10%; rounded estimate: 0%) recovery in a payment default scenario due to the structural subordination, from 2.
S&P also lowered the ratings on EQM's unsecured debt to BB from BB+. The recovery rating remains 3, based on the expectation for meaningful (50%-70%; rounded estimate: 60%) recovery in a payment default scenario.
Going forward, S&P will consolidate Equitrans with EQM as it views them as a single economic entity. The outlook for EQM and Equitrans is stable.
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