...January 18, 2023 - Iberdrola will guarantee new subordinated hybrid instruments to be issued by its finance subsidiary Iberdrola Finanzas S.A.U. - Iberdrola announced it will use the proceeds to refinance its 2017 green hybrid bond with first call date in May 2023 and to fund eligible green projects. - We assess the proposed instrument as having intermediate equity content. - We assigned our '###-' issue rating to Iberdrola's proposed security to reflect its subordination and optional deferability. FRANKFURT (S&P Global Ratings) Jan. 18, 2023--S&P Global Ratings today assigned its '###-' long-term issue rating to the proposed undated, optionally deferrable, subordinated hybrid capital securities to be issued by Iberdrola Finanzas S.A.U., the financing subsidiary of Iberdrola S.A. (###+/Stable/A-2). Iberdrola announced that the issuance will be of benchmark size but subject to market conditions. We anticipate that the group's total amount of hybrids outstanding will remain broadly in line...
