S&P rates Southern Co. subordinated notes BBB

S&P Global Ratings said it assigned its BBB issue-level rating to Southern Co.'s proposed $550 million series 2016B junior subordinated notes due March 15, 2057.

S&P said it classifies the securities as hybrid securities that have intermediate (50%) equity content. As a result, S&P rates them two notches below the A- issuer credit rating on Southern to reflect the instrument's subordination and the company's ability to defer interest payments.

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