Moody's lowers Equitable

Moody's Investors Service said it downgraded the debt ratings of Equitable Resources, Inc. to Baa1 senior unsecured from A2 and its sponsored structured vehicle Appalachian NPI, LLC to Baa3 senior secured from Baa1.

The agency said that Equitable's commercial paper rating was downgraded to Prime-2 from Prime-1.

The outlook for both companies is stable.

Moody's added that the downgrade of Equitable results from the company adopting a more growth-oriented strategy, which will likely raise its business and financial risks.

"The Baa1 rating better accommodates Equitable's repositioning itself more as an E&P company," said Moody's vice president Mihoko Manabe.

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