NextEra Energy Capital Holdings Inc.'s Series P Junior Subordinated Debentures Due 2082 Rated 'BBB'

NEW YORK (S&P Global Ratings) Dec. 9, 2021--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 P junior subordinated debentures due 2082. The company intends to use the net proceeds from these notes to fund the redemption of its existing debentures 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

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