Fitch rates EQT notes BBB+

Fitch Ratings said it assigned a BBB+ rating to EQT Corp.'s $700 million 8.125% senior unsecured notes due May 2019. EQT's issuer default rating is BBB+.

The outlook is stable.

Proceeds will be used to repay short-term borrowing under EQT's revolver and for general corporate purposes.

Ratings are supported by the stability and predictability of cash flows from the company's midstream and gas distribution businesses and the quality of its exploration and production segment, the agency said.

Fitch said it projects 2009 consolidated debt-to-operating EBITDA of 3.3 times.

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