S&P applies BB+ to Vattenfall debt

Standard & Poor's said it assigned its BB+ long-term issue rating to the proposed $400 million long-dated, optionally deferrable and subordinated hybrid capital securities to be issued by Vattenfall AB (BBB+/negative/A-2).

The agency considers the proposed securities to have "intermediate" equity content until the first call date in 2023, because they meet our criteria in terms of subordination, permanence, and deferability at the company's discretion.

The proposed instrument will be used for general corporate purposes.

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