Wow! What a difference three months can make. In January Moody’s Investors Service downgraded EQT Corporation’s bonds to “junk” status (see Moody’s Downgrades EQT Debt to Junk Status Following Write-Down). A few weeks later Standard & Poor’s Global Ratings downgraded the credit rating for six of the biggest Marcellus/Utica drillers, including EQT (see S&P Downgrades Credit Rating for Six Big Marcellus/Utica Drillers). Once thought risky and speculative, investors seem to have changed their minds about investing in M-U debt. They’re taking a second look.