...November 14, 2024 NEW YORK (S&P Global Ratings) Nov. 14, 2024--S&P Global Ratings today assigned its '###-' issue-level rating to Dominion Energy Inc.'s (###+/Stable) proposed series C enhanced junior subordinated notes due May 15, 2055. The company intends to use the net proceeds from these notes for general corporate purposes, including repayment of commercial paper and other short-term debt. 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 May 15, 2035, because the remaining period until maturity will be less than 20 years. We rate these securities two notches below our '###+' long-term issuer credit rating on Dominion to reflect their subordination and management's ability to defer interest payments on the instrument. The long-term nature of the junior subordinated notes,...
