Fitch assigns Iberdrola notes BBB

Fitch Ratings said it assigned Iberdrola International BV’s proposed dual-tranche green non-call undated deeply subordinated securities an expected BBB rating.

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

“The proposed debt issues 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.

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