TEXT-S&P bulletin on Equitable Resources Inc

(The following statement was released by the ratings agency)

May 6 - Standard & Poor's Ratings Services said today that its ratings and outlook on Equitable Resources Inc (EQT.N: Quote, Profile, Research) (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. Spending is focused on drilling natural gas wells in Appalachia. The use of equity is favorable for credit; however, Standard & Poor's will monitor the amount of debt required to fund the balance of Equitable's capital plan and the success of its development program. (New York Ratings Team)