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Moody's: GDF SUEZ notes A3
Moody's Investors Service said it assigned a definitive A3 long-term rating to the €600 million (3.875% and five-year first call date), €750 million (4.75% and eight-year first call) and £300 million (4.625% and 5.5-year first call) issuances of undated deeply subordinated fixed-rate notes by GDF SUEZ SA.
The outlook is negative.
Moody's said the A3 rating assigned to the hybrid is two notches below GDF SUEZ's senior unsecured rating of A1. The rating differential with the senior unsecured rating reflects the key features of the Hybrid, namely that (a) it is a deeply subordinated instrument; (b) it is perpetual; (c) GDF SUEZ can opt to defer coupons on a cumulative basis; and (d) there is no step-up in coupon prior to year 10 and the step-up will not exceed a total of 100 basis points thereafter.
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