French Energy Company Electricite de France S.A.'s Proposed Hybrid Rated 'B+'; CreditWatch Negative

Electricite de France S.A. (EDF) issued unsecured deeply subordinated hybrid notes of €1 billion and will use the proceeds mainly for replacement. The company also announced it intends to call its $2,098 million subordinated hybrid instrument with a first call date on Jan. 29, 2023 (the dollar hybrid). The new issue size is such that EDF's aggregate hybrid capital reduces a net amount equal to or less than 10% of the current hybrid stock after the call of the dollar hybrid, in line with the 10% threshold for immateriality in our methodologies. We assigned our 'B+' issue rating to the proposed security to reflect its subordination and optional deferability and assess it as having intermediate equity content. PARIS (S&P Global

...November 30, 2022 - Electricite de France S.A. (EDF) issued unsecured deeply subordinated hybrid notes of 1 billion and will use the proceeds mainly for replacement. - The company also announced it intends to call its $2,098 million subordinated hybrid instrument with a first call date on Jan. 29, 2023 (the dollar hybrid). - The new issue size is such that EDF's aggregate hybrid capital reduces a net amount equal to or less than 10% of the current hybrid stock after the call of the dollar hybrid, in line with the 10% threshold for immateriality in our methodologies. - We assigned our 'B+' issue rating to the proposed security to reflect its subordination and optional deferability and assess it as having intermediate equity content. PARIS (S&P Global Ratings) Nov. 30, 2022--S&P Global Ratings today assigned its 'B+' long-term issue rating to the perpetual, optionally deferrable, and subordinated hybrid capital security issued by EDF (###/Watch Neg/A-2). Like all our other ratings on EDF...

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