Moody's gives BT hybrids Ba1

Moody's Investors Service said it gave a Ba1 backed long-term rating to the proposed subordinated dollar-denominated capital securities due 2081 to be issued by British Telecommunications plc, a subsidiary of BT Group plc.

“The Ba1 rating on the hybrid securities is two notches lower than British Telecommunications plc's Baa2 senior unsecured and issuer ratings. This reflects the deeply subordinated position of the proposed hybrid securities in relation to the existing senior unsecured obligations of the issuer,” Moody’s said in a press release.

The proceeds will be used for general corporate purposes.

The outlook is negative.

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