S&P rates Iberdrola notes BBB-

S&P said it assigned its BBB- long-term issue rating to the planned undated, optionally deferrable, subordinated hybrid capital securities to be issued by Iberdrola SA, through its financing subsidiary Iberdrola Finanzas SAU. The issuance amount is expected to be benchmark sized but remains subject to market conditions.

The rating is derived from Iberdrola’s BBB+ issuer rating, with a notch deducted for subordination and another for the option to defer interest, the agency said.

Citing favorable market conditions, S&P said Iberdrola brought the issuance timing forward to this year from initial 2022 date.

The proceeds will be used for green purposes, including to finance renewables projects in whole or in part.

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