Research Update: EQM Midstream Partners L.P. Outlook Revised To Stable On Outlook Revision Of EQT Corp., Rating Affirmed

On Aug. 27, 2020, S&P Global Ratings revised its rating outlook on EQM Midstream Partners L.P.'s (EQM's) main customer, EQT Corp., to stable from negative based on reduced debt and improved market conditions and refinancing prospects. EQT accounts for a material portion of EQM's revenue and volumes. As a result, we are revising the outlook on EQM and its parent, Equitrans Midstream Corporation (Equitrans), to stable from negative, which continues to be in line with the outlook on EQT. The rating on EQT caps the rating on EQM. We are also affirming the 'BB-' issuer credit ratings on both EQM and Equitrans and the 'BB-' issue-level rating on EQM's senior unsecured debt. The stable outlook reflects the outlook on the

...- On Aug. 27, 2020, S&P Global Ratings revised its rating outlook on EQM Midstream Partners L.P.'s (EQM's) main customer, EQT Corp., to stable from negative based on reduced debt and improved market conditions and refinancing prospects. EQT accounts for a material portion of EQM's revenue and volumes. - As a result, we are revising the outlook on EQM and its parent, Equitrans Midstream Corporation (Equitrans), to stable from negative, which continues to be in line with the outlook on EQT. The rating on EQT caps the rating on EQM. - We are also affirming the '##-' issuer credit ratings on both EQM and Equitrans and the '##-' issue-level rating on EQM's senior unsecured debt. - The stable outlook reflects the outlook on the company's main counterparty, EQT, our expectation that the Mountain Valley Pipeline (MVP) will become operational in the first quarter of 2021, and debt to EBITDA that we expect to decline below 5.5x....

Research Update