WEC Energy Group Inc.'s Proposed $750 Million Fixed-To-Fixed Reset Junior Subordinated Notes Due 2055 Rated 'BBB'

DALLAS (S&P Global Ratings) Dec. 17, 2024--S&P Global Ratings today assigned its 'BBB' issue-level rating to Milwaukee-based WEC Energy Group Inc.'s (WEC) proposed $750 million Series 2024A and 2024B fixed-to-fixed reset junior subordinated notes due June 15, 2055. The company intends to use the net proceeds from these notes to fund the proposed redemption of its outstanding 2007 series A junior subordinated notes due 2067, as well as for general corporate purposes. We classify the Series 2024A and 2025B notes as hybrid securities with intermediate equity content (50%), which reflects the offering's permanence, subordination, and deferability features. In line with our criteria, we will reclassify the notes as having minimal equity content after June 15, 2035, because the remaining period

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