Fitch: Iberdrola notes BBB-

Fitch Ratings said it has assigned Iberdrola International BV's undated deeply subordinated reset-rate notes an expected BBB-(exp) rating.

The notes qualify for 50% equity credit.

According to the agency, these notes have an irrevocable, unconditional and subordinated guarantee of Iberdrola, SA (BBB+/negative).

The ratings reflect the highly subordinated nature of the notes, considered to have lower recovery prospects in a liquidation or bankruptcy scenario.

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