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S&P rates Koninklijke KPN hybrids BB+
S&P said it assigned its BB+ issue-level rating to Koninklijke KPN NV’s proposed junior subordinated hybrid security.
“The rating reflects our notching for subordination and optional interest deferability. We assess the security as having intermediate equity content until the first call date,” said S&P in a press release.
S&P sees the company using the proceeds to replace its £400 million of hybrids sold in 2013.
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