DALLAS (S&P Global Ratings) Sept. 24, 2025--S&P Global Ratings today assigned its ?BBB-? issue-level rating to Columbus, Ohio-based American Electric Power Co. Inc. ?s (AEP) fixed-to-fixed reset junior subordinated notes due in 2056. The company intends to use the net proceeds for general corporate purposes, including the repayment of short-term debt of approximately $1.73 billion outstanding as of August 2025. We classify these notes as hybrid securities with intermediate equity content (50%). This reflects the offering?s permanence, subordination, and deferability features. In line with our criteria, we will reclassify the notes as having minimal equity content after March 15, 2036, because the remaining period until maturity will be less than 20 years. Our rating, two notches below our ?BBB+? long-term
