Fitch rates Iberdrola notes BBB-

Fitch Ratings said it assigned Iberdrola International BV's €525 million undated deeply subordinated reset rate notes a final BBB- rating.

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

The equity credit reflects the structural equity-like characteristics of the instruments including subordination, maturity in excess of five years and deferrable interest coupon payments, the agency said.

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