S&P: Equitable Resources unchanged

Standard & Poor's said that its ratings and outlook on Equitable Resources Inc. (BBB/negative/A-2) were not affected following the company's announcement that it is issuing about $500 million of common equity.

Proceeds will be used over the next two years to fund a portion of the company's ambitious capital budget, which will exceed internally generated cash, the agency said.

Spending is focused on drilling natural gas wells in Appalachia, S&P noted, adding that the use of equity is favorable for credit, however, S&P said it will monitor the amount of debt required to fund the balance of Equitable's capital plan and the success of its development program.

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