...NEW YORK (S&P Global Ratings) June 3, 2016--S&P Global Ratings said today it assigned its '###' long-term issue rating to NextEra Energy Capital Holdings Inc.'s (NEECH) $500 million 2016 series K junior subordinated debentures due June 1, 2076. NextEra Energy Inc. (NextEra Energy) guarantees the security and the guarantee is subordinated in right of payment and upon liquidation to all of NextEra Energy's senior indebtedness. We classify these securities as hybrids that have intermediate (50%) equity content. We rate them two notches below NEECH's 'A-' issuer credit rating to reflect the instrument's subordination and the company's ability to defer interest payments. Intermediate equity treatment is premised on the instrument's permanence, deferability, and subordination features as defined under our criteria for hybrid securities. The security's 60-year maturity, along with limited ability and no incentives to redeem the issue within the first five years, meets our standards for permanence....
