Swedish Utility Vattenfall's Hybrid Equity Content Revised To "Intermediate"; 'BBB+' Rating Affirmed

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. STOCKHOLM (Standard&Poor's) Nov. 13, 2015--Standard&Poor's Ratings Services today 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

...+ 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 '###+' corporate credit rating on Vattenfall and maintaining a negative outlook. STOCKHOLM (Standard & Poor's) Nov. 13, 2015--Standard & Poor's Ratings Services today affirmed its '###+/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 '###+' long-term rating on Vattenfall's senior unsecured debt, our '###' long-term rating on its subordinated debt, as well as our '##+' long-term rating on its hybrid capital. The affirmation reflects our revised assessment of the equity content of Vattenfall's hybrid to "intermediate" from "minimal" on its hybrid capital following Vattenfall's announcement that it has, by a legally binding deed, unconditionally...

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