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Fitch applies BB+ to Tauron hybrid bonds
Fitch Ratings said it assigned Tauron Polska Energia SA's proposed €190 million (844 million Polish zloty) hybrid bonds due in 2034 an expected rating of BB+(EXP).
The proposed securities qualify for 50% equity credit.
The hybrid bonds are to be subscribed by European Investment Bank.
Proceeds will be used to co-finance capex in distribution. The bonds' rating and assignment of equity credit are based on Fitch's hybrid methodology dated Feb. 29 2016
The proposed notes are rated two notches below Tauron's BBB long-term issuer default rating given their deep subordination and consequently, the lower recovery prospects in a liquidation or bankruptcy scenario relative to the senior obligations. The notes are subordinated to all senior debt.
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