Swedish utility Vattenfall AB has waived a certain call option right in its hybrid security documentation. As a result, we have revised our assessment of Vattenfall's hybrid equity content to "intermediate." We are affirming our 'BBB+' corporate credit rating on Vattenfall and maintaining a negative outlook. On Nov. 13, 2015, Standard&Poor's Ratings Services affirmed its 'BBB+/A-2' long- and short-term corporate credit ratings and 'K-1' Nordic regional scale rating on Swedish utility Vattenfall AB. The outlook remains negative. We also affirmed our 'BBB+' long-term rating on Vattenfall's senior unsecured debt, our 'BBB' long-term rating on its subordinated debt, as well as our 'BB+' long-term rating on its hybrid capital. The affirmation reflects our revised assessment of the equity content
