Moody’s gives 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 parent Iberdrola SA. The hybrid security’s size and completion are subject to market conditions.

The rating is two notches below the parent’s long-term Baa1 issuer rating, reflecting subordination and that Iberdrola International can defer coupons on a cumulative basis. The rating also reflects Iberdrola’s guarantee and is in line with its other hybrid notes, the agency said.

Proceeds will be used to finance and/or refinance green projects.

The outlook is stable.

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