...November 21, 2024 - Spain-based Iberdrola S.A. (###+/Stable/A-2) announced the issuance of a new subordinated hybrid instrument, issued at its subsidiary Iberdrola Finanzas S.A.U. and guaranteed by Iberdrola S.A. - Iberdrola will use the proceeds to refinance its green hybrid bond issued in 2019, with a first reset date on Aug. 28, 2030. - As such, we assessed the new proposed instrument as having intermediate equity content, and at the same time revised the equity content on the green hybrid bond to minimal from intermediate. - We also assigned our '###-' issue-level rating to the proposed security, reflecting Iberdrola's option to defer interests at its discretion, and its contractual subordination. FRANKFURT (S&P Global Ratings) Nov. 21, 2024--S&P Global Ratings today assigned its '###-' long-term issue credit rating to the proposed, undated, optionally deferrable, subordinated hybrid capital securities to be issued by Iberdrola Finanzas S.A.U., a financing subsidiary of Iberdrola S.A....
