DALLAS (S&P Global Ratings) Nov. 03, 2025--S&P Global Ratings today assigned its 'BBB' issue-level rating to Milwaukee-based WEC Energy Group Inc.'s (WEC) proposed fixed-to-fixed reset junior subordinated notes due 2056. The company intends to use the net proceeds from these notes for general corporate purposes, including to repay a portion of its outstanding commercial paper. We classify the notes as hybrid securities with intermediate equity content (50%), which reflects the offering?s permanence, subordination, and deferability features. We will reclassify the notes as having no equity content after 2036 because the remaining period until maturity will be less than 20 years. The 'BBB' rating, two notches below our 'A-' long-term issuer credit rating on WEC, reflects the securities? subordination and management?s
