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S&P Global Ratings just gave EQT Corp (NYSE: EQT) a vote of confidence, revising its outlook from stable to positive and affirming the company's 'BBB-' credit rating — a direct reward for the more than $8.1 billion in debt EQT has paid off since closing its Equitrans Midstream acquisition in 2024. S&P's Aug. 12 rating action credits EQT's aggressive deleveraging — funded by free cash flow, a $1.25 billion sale of non-operated Northwest PA gas assets, and the $3.5 billion Blackstone Credit & Insurance midstream JV — for pulling total debt down from nearly $14 billion at deal close to $5.7 billion as of June 30, 2026. S&P now expects EQT's funds-from-operations-to-debt ratio to climb to 80%-90% in 2026 and 2027, up from 55% at the end of 2025, and says a full upgrade to 'BBB' is possible if EQT keeps that trajectory — potentially by year-end 2027 when the company expects to hit its $5 billion net debt target.
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