NextEra Energy Inc.'s Equity Units Rated 'BBB'

NEW YORK (S&P Global Ratings) Sept. 6, 2019--S&P Global Ratings today assigned its 'BBB' issue-level rating to NextEra Energy Inc.'s $1.5 billion 2.1% series J equity units due Sept. 1, 2024. The equity units consist of a purchase contract that obligates the owner to purchase NextEra's common stock in September 2022 and a remarketable debenture. The company intends to use the net proceeds to fund investments in energy and power projects, to repay outstanding debt, and for general use. We view these hybrid securities as having high (100%) equity content. The rating on the equity units applies to NextEra's obligation to issue common shares under the forward contract. Under our criteria, we rate these securities 'BBB', two notches below our

...September 6, 2019 NEW YORK (S&P Global Ratings) Sept. 6, 2019--S&P Global Ratings today assigned its '###' issue-level rating to NextEra Energy Inc.'s $1.5 billion 2.1% series J equity units due Sept. 1, 2024. The equity units consist of a purchase contract that obligates the owner to purchase NextEra's common stock in September 2022 and a remarketable debenture. The company intends to use the net proceeds to fund investments in energy and power projects, to repay outstanding debt, and for general use. We view these hybrid securities as having high (100%) equity content. The rating on the equity units applies to NextEra's obligation to issue common shares under the forward contract. Under our criteria, we rate these securities '###', two notches below our 'A-' issuer credit rating on NextEra. Our outlook is stable (see the research update on NextEra published Jan. 3, 2019)....

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