Energy Company Electricite de France's Proposed Hybrid Instrument Rated 'BB-'

Electricité de France S.A. (EDF) has announced the launch of new debt, including two new junior subordinated hybrid instruments that will total at least €1.5 billion. This transaction is part of EDF's remedy measures to counterbalance the negative financial impact from the COVID-19 pandemic, and the group intends to use the proceeds to notably finance its large planned capital expenditure (capex) program. We assess the proposed junior securities as having intermediate equity content. We are assigning our 'BB-' issue rating to the proposed junior securities to reflect their subordination and optional deferability. PARIS (S&P Global Ratings) Sept. 8, 2020--S&P Global Ratings today assigned its 'BB-' long-term issue rating to the proposed undated, optionally deferrable, and subordinated hybrid capital securities to

...September 8, 2020 - ElectricitT de France S.A. (EDF) has announced the launch of new debt, including two new junior subordinated hybrid instruments that will total at least 1.5 billion. - This transaction is part of EDF's remedy measures to counterbalance the negative financial impact from the COVID-19 pandemic, and the group intends to use the proceeds to notably finance its large planned capital expenditure (capex) program. - We assess the proposed junior securities as having intermediate equity content. - We are assigning our '##-' issue rating to the proposed junior securities to reflect their subordination and optional deferability. PARIS (S&P Global Ratings) Sept. 8, 2020--S&P Global Ratings today assigned its '##-' long-term issue rating to the proposed undated, optionally deferrable, and subordinated hybrid capital securities to be issued by EDF (###+/Stable/A-2). The hybrid amount remains subject to market conditions, but we understand it will be at least 1.5 billion. We anticipate...

Ratings Action