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S&P rates Iberdrola hybrids BBB-
S&P said it assigned its BBB- long-term issue rating to the planned undated, optionally deferrable, subordinated hybrid capital securities to be issued by Iberdrola Finanzas SAU, the financing subsidiary of Iberdrola SA, in a benchmark size offering subject to market conditions.
The rating is the same as the rating on Iberdrola’s outstanding €750 million hybrid.
The group intends to use the proceeds to refinance the green hybrid it issued in 2017, with a first call date in May 2023. Iberdrola has indicated it could also put the proceeds toward green projects.
The outlook is stable.
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