S&P gives Equitable preferreds BBB-

S&P said it assigned its BBB- debt rating to Equitable Holdings Inc.’s proposed series C fixed-rate non-cumulative perpetual preferred stock.

“This preferred share rating is two notches below our BBB+ long-term issuer credit and senior debt ratings on EQH. The two notches represent the subordination of the issue and the optional dividend deferability of these preferred shares,” S&P said in a press release.

EQH plans to use the proceeds for general corporate purposes and to retire senior debt.

This issue is the third preferred share series undertaken by the company. EQH has $800 million of 5.25% fixed-rate perpetual non-cumulative preference shares (series A) and $500 million of 4.95% fixed-rate perpetual non-cumulative preference shares (series B) outstanding.

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