S&P gives Iberdrola notes A-

Standard & Poor's said it assigned its A- senior secured debt rating to the Ps. 1.5 billion notes due 2018 and Ps. 3.5 billion of notes due 2013 issued by Iberdrola Finanzas SAU and guaranteed by Iberdrola SA (A-/stable/A-2).

It also affirmed the mxAAA long-term issue rating on the CaVal-scale assigned to the notes, the agency said, adding that Iberdrola will use proceeds from the notes for corporate expenses and to pay revolving credit lines.

According to S&P, the rating on the notes reflects the unconditional and irrevocable guaranteed of payment provided by Iberdrola while the ratings on Iberdrola reflect the group's strong position as one of Spain's dominant vertically integrated electricity utilities.

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