NextEra Energy Capital Holdings Inc.'s Series O Junior Subordinated Debentures Due 2079 Rated 'BBB'

NEW YORK (S&P Global Ratings) April 2, 2019--S&P Global Ratings today assigned its 'BBB' issue-level rating to Juno Beach, Fla.-based diversified clean energy company NextEra Energy Capital Holdings Inc.'s (NEECH) series O junior subordinated debentures due 2079. NEECH intends to use the net proceeds from these notes to redeem short-term debt and for general corporate purposes. We classify these notes as hybrid securities with intermediate equity content (50%). We rate the securities two notches below our 'A-' long-term issuer credit rating on NEECH to reflect their subordination and the company's ability to defer interest payments on the notes. Our intermediate equity treatment is premised on the instrument's permanence, subordination, and deferability features. The security's long-dated nature, along with the company's

...NEW YORK (S&P Global Ratings) April 2, 2019--S&P Global Ratings today assigned its '###' issue-level rating to Juno Beach, Fla.-based diversified clean energy company NextEra Energy Capital Holdings Inc.'s (NEECH) series O junior subordinated debentures due 2079. NEECH intends to use the net proceeds from these notes to redeem short-term debt and for general corporate purposes. We classify these notes as hybrid securities with intermediate equity content (50%). We rate the securities two notches below our 'A-' long-term issuer credit rating on NEECH to reflect their subordination and the company's ability to defer interest payments on the notes. Our intermediate equity treatment is premised on the instrument's permanence, subordination, and deferability features. The security's long-dated nature, along with the company's limited ability and lack of incentives to redeem the issue for a long-dated period, meets our standards for permanence. In addition, the interest payments are deferrable,...

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