Moody's rates Solvay bonds Ba1

Moody's Investors Service said it assigned a Ba1 long-term rating to Solvay SA's proposed issuance of undated deeply subordinated fixed- to reset-rate bonds (hybrids).

The size and completion of the hybrid remain subject to market conditions.

The hybrid rating of Ba1 is two notches lower than Solvay's Baa2 senior unsecured issuer rating, Moody's said.

The agency said it considered the deeply subordinated position of the proposed hybrid relative to existing senior unsecured backed obligations, its perpetual maturity and the option to defer coupons on a cumulative basis.

The Ba1 hybrid rating is the same as for existing outstanding hybrids issued by Solvay Finance in 2013 and 2015, Moody's said.

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