...NEW YORK (S&P Global Ratings) May 12, 2017--S&P Global Ratings today assigned its '###' issue rating to Dominion Energy Inc.'s remarketed $1 billion junior subordinated notes due 2020 based on our review of the proposed terms and conditions. Dominion originally issued the notes as components of its 2014 series A equity units, and they are subordinated to the company's existing and future senior unsecured debt. Because the notes are subordinated and not deferrable, we rate them in line with the senior unsecured debt, one notch below our issuer credit rating on the company. The rating on the proposed notes is one notch higher than those on Dominion's existing enhanced junior subordinated notes (5.75% due 2054, variable-rate notes due 2066, and 5.25% due 2076). We classify the enhanced junior subordinated notes as hybrid securities premised on their permanence, deferability, and subordination features. The rating on the proposed notes is also one notch higher than those on Dominion's existing...
