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Moody’s trims EQM, Equitrans
Moody’s Investors Service said it downgraded EQM Midstream Partners, LP’s corporate family rating to Ba2 from Ba1, its probability of default rating to Ba2-PD from Ba1-PD and its unsecured notes rating to Ba2 from Ba1. The speculative grade liquidity rating remains SGL-3.
Concurrently, Moody’s downgraded Equitrans Midstream Corp.’s CFR to B1 from Ba3, PDR to B1-PD from Ba3-PD and its term loan rating to B1 from Ba3. Equitran’s SGL-3 rating remains unchanged. All of Equitran’s ratings will be withdrawn upon the proposed termination of its term loan, as there will be no rated debt at Equitrans. The outlook for both companies is negative.
This action follows EQM’s announced actions that included a renegotiated gathering contract with its upstream partner EQT Corp. in combination with the buyback of EQT’s shares in Equitrans, Equitrans’ acquisition of EQM’s publicly held units and a new dividend policy.
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