...NEW YORK (S&P Global Ratings) June 20, 2018--S&P Global Ratings today assigned its '###-' issue-level rating to Pittsburgh-based EQT Midstream Partners L.P.'s (EQM's) proposed senior unsecured notes due in multiple tranches. The partnership intends to use the net proceeds of the notes to repay amounts outstanding under its 364-day, $2.5 billion term loan facility and for general partnership purposes. As of June 15, 2018, EQM had about $1.8 billion outstanding under its term loan facility. If its merger with Rice Midstream Partners LP (RMP) closes, EQM also intends to use a portion of the proceeds from this offering to repay amounts outstanding under RMP's credit facility, which totaled $310 million. Our assessment of EQM's satisfactory business risk profile reflects its improved size and scale, high proportion of fee-based revenues, long-term contracts, and high quality customer base. We assess EQM's financial risk profile as intermediate. We expect pro forma debt to EBITDA to be elevated...
