EQT Midstream Partners L.P. 'BBB-' Rating Affirmed; Outlook Stable

U.S. midstream energy master limited partnership (MLP) EQT Midstream Partners L.P. has maintained strong credit measures and a debt-to-EBITDA ratio that is significantly lower than its long-term target of 3.5x and our previous expectations. We are affirming our 'BBB-' corporate credit rating and senior unsecured debt rating on the partnership. The outlook is stable. At the same time, we are revising EQT Midstream's stand-alone credit profile (SACP) to 'bb+' from 'bb', reflecting the partnership's improved stand-alone financial risk profile. We continue to view the partnership's strategic importance and close business ties with parent EQT Corp. as beneficial to its creditworthiness. The outlook on EQT Midstream is stable and is tied to the stable outlook on parent EQT Corp. The outlook

...+ U.S. midstream energy master limited partnership (MLP) EQT Midstream Partners L.P. has maintained strong credit measures and a debt-to-EBITDA ratio that is significantly lower than its long-term target of 3.5x and our previous expectations. + We are affirming our '###-' corporate credit rating and senior unsecured debt rating on the partnership. The outlook is stable. + At the same time, we are revising EQT Midstream's stand-alone credit profile (SACP) to '##+' from '##', reflecting the partnership's improved stand-alone financial risk profile. + We continue to view the partnership's strategic importance and close business ties with parent EQT Corp. as beneficial to its creditworthiness. + The outlook on EQT Midstream is stable and is tied to the stable outlook on parent EQT Corp. The outlook reflects our belief that EQT. Corp. will maintain strong financial measures such as expected average funds from operations (FFO) to debt of about 50% or greater. NEW YORK (S&P Global Ratings) July...

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