S&P rates National Grid notes BBB

S&P said it assigned a BBB rating to National Grid plc’s proposed junior subordinated hybrid security. The security will be sold by NGG Finance plc, a wholly owned subsidiary of National Grid.

“We are assigning our BBB issue rating to the proposed security to reflect our notching for subordination and optional interest deferability,” S&P said in a press release.

The company plans to start a tender for the €1.25 billion hybrid it sold in 2013.

Proceeds will be used for the tender.

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