Fitch ups Southern Co. 2024, 2027 notes

Fitch Ratings said it upgraded the rating of the Southern Co.'s remarketable junior subordinated notes due Aug. 1, 2024 and Aug. 1, 2027 to BBB from BBB-.

“The upgrade is prompted by the removal of the interest deferral feature in connection with the remarketing of the notes. Under Fitch's rating criteria, junior subordinated debt is typically rated one notch below the long-term issuer default rating (IDR), while those with an interest deferral feature are considered more equity-like and rated two notches below the long-term IDR,” the agency said in a press release.

The outlook is negative.

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