Moody’s Downgrades EQT Debt to Junk Status Following Write-Down
On Monday EQT, the nation’s largest natural gas producer (based in Pittsburgh) filed an update with the SEC to say it would write down the value (called an impairment) for some of it’s Marcellus/Utica assets–to the tune of $1.8 billion (see EQT to Write Down Up to $1.8 Billion in M-U Assets for 4Q19). Also in Monday’s update is the news that EQT is recognizing a 20% reduction in the value of its reserves (not as much as can be extracted profitably at current prices). Given Monday’s news, the analysts at Moody’s Investors Service downgraded some of EQT’s debt (notes), to junk status.
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