S&P rates Veolia notes BB+

S&P said it rated Veolia Environnement SA’s planned €600 million of junior subordinated perpetual hybrid notes BB+.

The agency said it arrived at the rating by starting with Veolia’s BBB issuer rating and then subtracting a notch for subordination and another for the flexibility to optionally defer interest.

Veolia plans to use the proceeds to fully refinance the Suez legacy hybrid with a first call date in April 2024.

The outlook is stable.

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