This report does not constitute a rating action. MADRID (S&P Global Ratings) Feb. 12, 2025--S&P Global Ratings said today that its revised criteria for assessing equity content for, and assigning ratings to, hybrid capital instruments is neutral for its ratings on Abertis Infraestructuras S.A. (BBB-/Stable/A-3). The updated criteria (see " Hybrid Capital: Methodology And Assumptions ," published Feb. 10, 2025, on RatingsDirect) is also neutral for our ?BB? issue credit ratings on Abertis? €2 billion hybrids, despite the temporary loss of the intermediate equity content on €1.25 billion of hybrids. This takes into account our understanding of Abertis? commitment to the hybrid layer and expectation that future hybrid issuances will restore the intermediate equity content. As a result of our
