Iberdrola's Proposed Hybrid Securities Assigned 'BBB-' Rating; Equity Content Intermediate

Spanish group Iberdrola S.A. (BBB+/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 2018, with a first reset date of Dec. 26, 2023. We therefore revised the equity content on the green hybrid bond to minimal from intermediate, and we assessed the new proposed instrument as having intermediate equity content. We also assigned our 'BBB-' issue-level rating to the proposed security, reflecting the issuer's option to defer interests at its discretion and its contractual subordination. FRANKFURT (S&P Global Ratings) Jan. 9, 2024--S&P Global Ratings today assigned its 'BBB-' long-term issue rating to the proposed,

...January 9, 2024 - Spanish group 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 2018, with a first reset date of Dec. 26, 2023. - We therefore revised the equity content on the green hybrid bond to minimal from intermediate, and we assessed the new proposed instrument as having intermediate equity content. - We also assigned our '###-' issue-level rating to the proposed security, reflecting the issuer's option to defer interests at its discretion and its contractual subordination. FRANKFURT (S&P Global Ratings) Jan. 9, 2024--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., a financing subsidiary of Iberdrola S.A. The instrument will...

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