France-Based Utility Veolia Environnement S.A.'s Junior Subordinated Hybrid Security Rated 'BB+'

Veolia Environnement S.A. issued a €600 million, junior, subordinated, perpetual hybrid security to fully refinance the Suez legacy hybrid with a first call date in April 2024. The new instrument's first reset date is in February 2029 (5.25 years). We assess the security as having intermediate equity content. We assigned our 'BB+' rating to the security to reflect its subordination and optional deferability. PARIS (S&P Global Ratings) Nov. 13, 2023--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). We consider the security to have intermediate equity content until its first reset date (February 2029) because it meets

...November 13, 2023 - Veolia Environnement S.A. issued a 600 million, junior, subordinated, perpetual hybrid security to fully refinance the Suez legacy hybrid with a first call date in April 2024. - The new instrument's first reset date is in February 2029 (5.25 years). - We assess the security as having intermediate equity content. - We assigned our '##+' rating to the security to reflect its subordination and optional deferability. PARIS (S&P Global Ratings) Nov. 13, 2023--S&P Global Ratings today assigned its '##+' 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; ###/Stable/A-2). We consider the security to have intermediate equity content until its first reset date (February 2029) because it meets our hybrid capital criteria in terms of its subordination, perpetual nature, and optional interest deferability during this period. We arrived at our '##+' issue...

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