Fitch changes EQM Midstream view

Fitch Ratings said it affirmed the long-term issuer default ratings for EQM Midstream Partners, LP at BBB- and Equitrans Midstream Corp. at BB.

Fitch also affirmed the BBB- senior unsecured rating of EQM, and affirmed the BB/RR2 ratings for Equitrans Midstream's senior secured term loan B.

The outlooks were revised to negative from stable.

The agency said the outlook reflects a view that past and potential trends have lowered EQM's prospects for avoiding a sustained period of leverage above 4x.

“EQM experienced a series of permitting challenges at the joint venture Mountain Valley Pipeline (MVP), a trend that underlies the largest factor in boosting forecasted leverage,” Fitch said in a news release.

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