...May 6, 2024 NEW YORK (S&P Global Ratings) May 6, 2024--S&P Global Ratings today assigned its '###-' issue-level rating to Dominion Energy Inc.'s proposed 2024 series A enhanced junior subordinated notes (JSN) due February 1, 2055 and series B enhanced JSN due June 1, 2054. The company intends to use the net proceeds from these notes for general corporate purposes. This includes financing a tender offer for its 4.65% series B fixed-rate reset cumulative redeemable perpetual preferred stock, as well as repaying short-term debt, including commercial paper. 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 series A notes as having minimal equity content after Feb. 1, 2035, and the series B notes as having minimal equity content after June 1, 2034, as the remaining period until maturity will be less than 20 years. We rate these...
