EQM Midstream Partners L.P.'s Proposed Senior Unsecured Notes Rated 'BB-' - S&P Global Ratings’ Credit Research

EQM Midstream Partners L.P.'s Proposed Senior Unsecured Notes Rated 'BB-'

EQM Midstream Partners L.P.'s Proposed Senior Unsecured Notes Rated 'BB-' - S&P Global Ratings’ Credit Research
EQM Midstream Partners L.P.'s Proposed Senior Unsecured Notes Rated 'BB-'
Published Jan 04, 2021
3 pages (1232 words) — Published Jan 04, 2021
Price US$ 150.00  |  Buy this Report Now

About This Report

  
Abstract:

NEW YORK (S&P Global Ratings) Jan. 4, 2021--S&P Global Ratings today assigned its 'BB-' issue-level rating to EQM Midstream Partners L.P.'s proposed senior unsecured notes. The '3' recovery rating reflects our expectation for estimated recovery of about 50% in our hypothetical default scenario. The company will use proceeds from the issuance to repay existing outstanding term loan borrowings and tender a portion of the senior unsecured notes maturing in 2023 and 2024. Given that there is no material change to gross debt or credit metrics, our 'BB-' issuer credit rating is unchanged. We anticipate EQM's S&P Global Ratings-adjusted leverage will stay above 5.5x while the Mountain Valley Pipeline remains under construction and that it will fall below 5x when the

  
Brief Excerpt:

...January 4, 2021 NEW YORK (S&P Global Ratings) Jan. 4, 2021--S&P Global Ratings today assigned its '##-' issue-level rating to EQM Midstream Partners L.P.'s proposed senior unsecured notes. The '3' recovery rating reflects our expectation for estimated recovery of about 50% in our hypothetical default scenario. The company will use proceeds from the issuance to repay existing outstanding term loan borrowings and tender a portion of the senior unsecured notes maturing in 2023 and 2024. Given that there is no material change to gross debt or credit metrics, our '##-' issuer credit rating is unchanged. We anticipate EQM's S&P Global Ratings-adjusted leverage will stay above 5.5x while the Mountain Valley Pipeline remains under construction and that it will fall below 5x when the pipeline commences operations around year-end 2021....

  
Report Type:

Ratings Action

Issuer
EQM Midstream Partners LP
GICS
Oil & Gas Storage & Transportation (10102040)
Sector
Global Issuers
Country
United States
Region
United States
Format:
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Cite this Report

  
MLA:
S&P Global Ratings’ Credit Research. "EQM Midstream Partners L.P.'s Proposed Senior Unsecured Notes Rated 'BB-'" Jan 04, 2021. Alacra Store. May 21, 2025. <http://www.alacrastore.com/s-and-p-credit-research/EQM-Midstream-Partners-L-P-s-Proposed-Senior-Unsecured-Notes-Rated-BB-2575201>
  
APA:
S&P Global Ratings’ Credit Research. (). EQM Midstream Partners L.P.'s Proposed Senior Unsecured Notes Rated 'BB-' Jan 04, 2021. New York, NY: Alacra Store. Retrieved May 21, 2025 from <http://www.alacrastore.com/s-and-p-credit-research/EQM-Midstream-Partners-L-P-s-Proposed-Senior-Unsecured-Notes-Rated-BB-2575201>
  
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