Moody’s rates Iberdrola hybrids Baa3

Moody's Investors Service said it assigned a Baa3 long-term rating to the undated deeply subordinated reset-rate guaranteed securities to be issued by Iberdrola International BV and guaranteed on a junior subordinated basis by Iberdrola SA.

The outlook is stable.

The agency said the Baa3 rating assigned to the hybrids is two notches below Iberdrola's senior unsecured rating of Baa1, reflecting the features of the hybrid.

It is perpetual, deeply subordinated and Iberdrola International can opt to defer coupons on a cumulative basis.

The notching also reflects the unconditional and irrevocable guarantee given by Iberdrola in favor of the hybrid noteholders on a subordinated basis.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.