Moody's rates DONG securities Baa3

Moody's Investors Service said it assigned a definitive Baa3 long-term rating to the issuance of €500 million 4.875% NC5 callable subordinated capital securities due 3013 by DONG Energy A/S.

The outlook is stable.

Moody's said the rating, which is two notches below DONG's Baa1 senior unsecured rating, reflects the features of the securities. At 1,000 years to maturity, it is very long-dated, deeply subordinated and DONG can opt to defer coupons on a cumulative basis.

The hybrids also cannot be called at par until five years after issue, and any escalation of margin over the life of the hybrids is limited to 75 basis points.

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