Fortis Inc.'s Proposed Fixed-To-Fixed Reset Rate Junior Subordinated Notes Due 2055 Rated 'BBB'

NEW YORK (S&P Global Ratings) Sept. 2, 2025--S&P Global Ratings today assigned its 'BBB' issue-level rating to Fortis Inc. ?s (Fortis) proposed fixed-to-fixed reset rate junior subordinated notes due Dec. 1, 2055. The company intends to use the net proceeds to reduce borrowings under its revolving corporate credit facility and for general corporate purposes. 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 no equity content after Dec. 1, 2035, because the remaining period until maturity will be less than 20 years. We rate these securities two notches below our 'A-' long-term issuer credit rating on

...September 2, 2025 NEW YORK (S&P Global Ratings) Sept. 2, 2025--S&P Global Ratings today assigned its '###' issue- level rating to Fortis Inc.'s (Fortis) proposed fixed-to-fixed reset rate junior subordinated notes due Dec. 1, 2055. The company intends to use the net proceeds to reduce borrowings under its revolving corporate credit facility and for general corporate purposes. 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 no equity content after Dec. 1, 2035, because the remaining period until maturity will be less than 20 years. We rate these securities two notches below our 'A-' long-term issuer credit rating on Fortis to reflect their subordination and management's ability to defer interest payments on the instrument. The long-term nature of the junior subordinated notes, along with the company's limited...

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