...November 16, 2020 - Spain-headquartered global toll road operator Abertis Infraestructuras is proposing to issue its first hybrid instrument. - The proceeds will be used for general corporate purposes, including the refinancing of existing debt within the group. - We assess the proposed instrument as having intermediate equity content. - We are assigning our '##' issue rating to the proposed instrument to reflect its subordination and optional deferability. MADRID (S&P Global Ratings) Nov. 16, 2020--S&P Global Ratings today assigned its '##' issue rating to the proposed perpetual, optionally deferrable, and subordinated hybrid capital instrument to be issued by Abertis Infraestructuras Finance B.V. and guaranteed by Abertis Infraestructuras S.A. (Abertis; ###-/Negative/A-3). The hybrid is expected to have a benchmark size and the amount remains subject to market conditions. We consider the proposed securities to have intermediate equity content until their first reset date (in February...
