Moody's assigns Iberdrola notes Baa3

Moody's Investors Service said it assigned a Baa3 long-term rating to the undated deeply subordinated reset rate guaranteed securities to be issued by Iberdrola International BV and guaranteed on a subordinated basis by Iberdrola SA.

The size and completion of the Hybrid are subject to market conditions.

The Baa3 rating is two notches below Iberdrola's long-term issuer rating of Baa1, reflecting the subordination and the option to defer coupons on a cumulative basis. The rating is in line with other hybrid notes issued by the company, Moody’s said.

The outlook is stable.

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