Moody’s rates Suez hybrid Baa2

Moody's Investors Service said it assigned a provisional Baa2 long-term rating to the proposed issuance of undated deeply subordinated fixed rate resettable notes (hybrid) by Suez Environnement Co.

The outlook is stable.

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

Moody’s said the Baa2 rating is two notches below Suez Environnement's senior unsecured rating of A3, reflecting the features of the hybrid. It is undated, deeply subordinated and Suez Environnement can elect to defer coupons on a cash cumulative and compounding basis.

The rating is in line with those of the existing hybrid notes issued by the company.

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