Moody’s rates Alliander securities A2

Moody's Investors Service said it assigned an A2 long-term rating to the proposed issuance of reset perpetual capital securities by Alliander NV.

The outlook is stable.

The size and completion of the hybrid remain subject to market conditions, the agency said.

The A2 rating is one notch lower than Alliander's a1 standalone baseline credit assessment and three notches lower than the company's Aa2 long-term issuer rating, reflecting the proposed features of the security, which is perpetual, deeply subordinated and allows Alliander to opt for coupons deferral on a cumulative basis, Moody’s explained.

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