Fitch rates Veolia notes BB+

Fitch Ratings said it assigned Veolia Environnement SA’s €850 million undated non-call 5.5 year and €1.15 billion undated non-call 8.5 year deeply subordinated fixed-rate resettable notes a rating of BB+.

“The hybrid notes are deeply subordinated and rank senior only to Veolia’s share capital, while coupon payments can be deferred at the option of the issuer. These features are reflected in the BB+ rating, which is two notches lower than Veolia’s senior unsecured rating,” Fitch said in a press release.

The proceeds will be used to refinance the acquisition of 29.9% of Suez SA shares from Engie SA and pre-funded from the group’s own resources.

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