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Published on 8/25/2020 in the Prospect News Investment Grade Daily.

Fitch rates OMV hybrids BBB

Fitch Ratings said it assigned OMV AG's proposed subordinated notes an expected BBB rating. OMV's long-term issuer default rating is A-.

“The expected rating for the hybrid capital security reflects the highly subordinated nature of the proposed notes and below-average recovery prospects in a liquidation or bankruptcy. The notes qualify for a 50% equity credit,” Fitch said in a press release.

The outlook is negative.


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