Strategic link to general partner and parent EQT Corp. Majority of revenue backed by long-term, firm contracts EQT Corp. accounts for a significant portion of total revenue Modest financial leverage Strong distribution coverage Adequate liquidity The outlook on EQT Midstream Partners L.P. is stable and reflects our belief that the partnership will maintain conservative financial leverage of 3x or less during the next 12 months and have sufficient liquidity to fund its growth initiatives, including potential assets purchases from EQT Corp. We would lower EQT Midstream's ratings if we lowered EQT Corp.'s rating. We could lower EQT Corp.'s rating if the company's financial performance weakens due to a prolonged period of weak natural gas prices without a compensating reduction in
