New York City (S&P Global Ratings) May 12, 2025—S&P Global Ratings today assigned its ?BBB? issue-level rating to NextEra Energy Inc.?s subsidiary NextEra Energy Capital Holdings Inc. ?s (NEECH) proposed Series U junior subordinated debentures due 2085. The company intends to use the net proceeds from these notes to fund investments in capital projects, repay a portion of its outstanding commercial paper, and for general corporate purposes. We classify these notes as hybrid securities with intermediate equity content (50%). This reflects the offering?s permanence, subordination, and deferability features. In line with our criteria, we will reclassify the notes as having minimal equity content after June 1, 2065, because the remaining period until maturity will be less than 20 years. We
