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

EQT Corp., parent of U.S.-based midstream energy master limited partnership (MLP) EQT Midstream Partners L.P.(EQM), has announced an approved plan to separate its upstream and midstream businesses, creating a stand-alone publicly traded corporation that will focus on midstream operations. As a result, we no longer consider EQM and EQT Corp. as part of the same group. We are affirming our 'BBB-' corporate credit and senior unsecured debt ratings on the partnership. The outlook is stable. The stable outlook on EQT Midstream Partners L.P. reflects our expectation of improved scale when the retained midstream assets are dropped down and the Rice Midstream Partners L.P. merger transactions close. We expect leverage of approximately 4.6x in 2018 stepping down to 3.5x over the

...+ EQT Corp., parent of U.S.-based midstream energy master limited partnership (MLP) EQT Midstream Partners L.P.(EQM), has announced an approved plan to separate its upstream and midstream businesses, creating a stand-alone publicly traded corporation that will focus on midstream operations. + As a result, we no longer consider EQM and EQT Corp. as part of the same group. + We are affirming our '###-' corporate credit and senior unsecured debt ratings on the partnership. The outlook is stable. + The stable outlook on EQT Midstream Partners L.P. reflects our expectation of improved scale when the retained midstream assets are dropped down and the Rice Midstream Partners L.P. merger transactions close. We expect leverage of approximately 4.6x in 2018 stepping down to 3.5x over the next 18 months. NEW YORK (S&P Global Ratings) Feb. 22, 2018--S&P Global Ratings said today it affirmed its '###-' corporate credit and senior unsecured ratings on EQT Midstream Partners L.P. (EQM). The outlook is...

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