Moody's: EQT outlook negative

Moody's Investors Service said it changed the outlook for EQT Corp. (formerly Equitable Resources, Inc.) to negative from stable and affirmed its Baa1 senior unsecured rating and Prime-2 short-term ratings. The Baa3 senior secured rating for Appalachian NPI, LLC was also affirmed.

The agency said the outlook change reflects the company's ongoing evolution into a more upstream-focused company. While EQT has demonstrated very good results in its exploration and production operations, Moody's feels this strategy raises EQT's overall risk profile for the current Baa1 rating, particularly as the company maintains an aggressive capital-spending program in support of this strategy that could result in weaker credit metrics over the near term.

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