PARIS (S&P Global Ratings) May 16, 2025--S&P Global Ratings today assigned its 'BB+' long-term issue rating to the undated, optionally deferrable, and deeply subordinated hybrid capital security to be issued by France-based utility Veolia Environnement S.A. (Veolia; BBB/Stable/A-2). Veolia Environnement S.A. issued a €500 million, junior, subordinated, perpetual hybrid security to partly refinance its €850 million hybrid instrument with a first call date falling in March 2026. The new instrument?s first call date will fall on May 20, 2030 (in five years). We assess the security as having intermediate equity content and will remove equity content for a similar amount out of the €850 million hybrid instrument being partly replaced. We assigned our 'BB+' rating to the security to reflect
