S&P lowers Equitable Resources

Standard & Poor's said it lowered its corporate credit and senior unsecured ratings on Equitable Resources Inc. to BBB from A- and removed them from CreditWatch, where they were placed with negative implications on March 2, 2006.

The outlook is negative.

The agency noted that Equitable Resources announced that its acquisition of the Dominion People's and Dominion Hope gas distribution companies from Dominion Resources will not go through, after almost two years of attempting to obtain regulatory approval.

Meanwhile, S&P added that Equitable Resources plans to rapidly expand its exploration and production and gathering activities, funding the expansion largely with debt.

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