S&P upgrades Iberdrola

Standard & Poor’s said it raised the long-term corporate credit rating on Iberdrola SA to BBB+ from BBB and affirmed its A-2 short-term rating.

The outlook is stable.

The agency also said it raised the rating on the group’s junior subordinated debt to BBB- from BB+.

S&P also said it raised to mxAAA from mxAA+ the long-term CaVal (Mexico) national scale rating on the debt issued by Iberdrola Finanzas SAU.

The upgrades reflect the group’s improving risk profile, the agency said.

This stemmed from increased regulated or long-term contracted activities in favorable jurisdictions, abating risks in the domestic market, S&P said.

The upgrades also consider the company’s financial discipline leading to ongoing debt reduction, the agency said.

The group has presented a clear and predictable investment roadmap out to 2020, mostly driven by regulated network activities, S&P added.

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