Fitch rates EQT notes BBB

Fitch Ratings said it expects to assign a BBB rating to EQT Corp.'s new $500 million senior unsecured notes due 2021.

The new notes will rank pari passu with the company's senior unsecured debt.

The proceeds will be used for general corporate purposes.

EQT has an issuer default rating of BBB, senior unsecured debt rating of BBB and short-term issuer default rating of F2.

The outlook is stable.

Key rating factors include EQT's integrated natural gas operations, strong performance from production in the Marcellus and Huron shale plays and the relatively predictable cash flows from its midstream and distribution segments, Fitch said.

The ratings also consider concerns about the company's plans for strategic alternatives for the midstream business and business risk from EQT's growing focus on upstream operations, the agency said.

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