After an eventful annual shareholder meeting on July 10 where activist investors were successful in taking control of its board, EQT Corp. has now had its credit rating downgraded by Moody’s Investors Service Inc.

The New York-based ratings and research firm said July 11 it had changed the rating outlook for EQT—the largest natural gas producer in the U.S.—to negative from stable. Moody’s cited weak gas prices and the successful proxy fight led by Rice brothers, Toby and Derek, as driving the change.

Concurrently, Moody’s also affirmed EQT’s Baa3 senior unsecured notes ratings.

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