S&P rates Enel hybrids BBB-

S&P said it assigned its BBB- long-term issue rating to Enel SpA’s proposed undated, optionally deferrable and subordinated hybrid capital securities.The transaction remains subject to market conditions.

S&P said it deducts a notch from Enel’s BBB+ issuer rating for subordination and another for the ability to defer interest payments.

The agency said it anticipates Enel’s issuance to be a dual-tranche offering and expects the total amount of outstanding hybrids to stay below 6% of its total capitalization.

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