S&P rates BT Group hybrids BB+

S&P said it assigned a BB+ issue rating to the junior subordinated hybrid securities to be issued by British Telecommunications plc, a wholly owned subsidiary of BT Group plc.

“The rating reflects our notching for subordination and optional interest deferability. We assess the securities as having intermediate equity content until the first reset date. We view the issuance of the securities as a strategic and prudent balance sheet strengthening tool,” S&P said in a statement.

The outlook is stable.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.