Fitch affirms EQT

Fitch Ratings said it affirmed EQT Corp.'s long-term issuer default rating and senior unsecured debt at BBB+ and its short-term issuer default rating at F2.

The outlook is stable.

The agency said EQT's ratings are supported by its integrated natural gas operations focused in the Appalachian Basin, the strong performance of its upstream segment, the relatively predictable cash flows from its midstream and distribution segment, a significant use of equity to help finance its growth strategy and management's continued maintenance of a strong liquidity position.

Offsetting challenges include the ongoing shift toward natural gas production, the weakening of credit metrics due to increased capital expenditures and the extended softness in natural gas prices, a heightened environmental focus on Appalachian shale production and the impact of Rocky Mountain gas on Northeastern supply dynamics, Fitch said.

The debt-to-operating EBITDAX ratio was 3.4 times in 2009.

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