Fitch gives Iberdrola notes BBB

Fitch Ratings said it gave Iberdrola Finanzas SAU's planned green non-call undated deeply subordinated capital securities an expected BBB rating.

The notes will be guaranteed by Iberdrola SA, rated BBB+ by Fitch, on a subordinated basis.

“The issue of the proposed hybrid debt will increase the layer of hybrids in Iberdrola's capital structure as stated in its business plan to 2025 and will help increase the company's financial flexibility,” Fitch said in a press release.

The proceeds will be used to finance or refinance, in whole or in part, eligible green projects.

The outlook is stable.

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