S&P rates Southern junior notes BBB

Standard & Poor's said it assigned its BBB long-term issue rating to Southern Co.'s series 2015A junior subordinated notes due Oct. 15, 2075.

The agency classifies these hybrid securities being issued by the Atlanta-based utility holding company as having intermediate (50%) equity content.

The issue rating is notched down two notches from the A- issuer credit rating to reflect the instrument's subordination to more senior obligations and deferability of its interest payment.

The outlook is negative.

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