Moody's assigns OMV hybrid Baa2

Moody's Investors Service said it assigned a Baa2 rating to the proposed junior subordinated notes to be issued by OMV AG.

“The Baa2 rating assigned to the proposed hybrid notes is two notches below OMV's A3 issuer rating because they will be deeply subordinated to the senior unsecured backed obligations of OMV and its subsidiaries and rank senior only to common and preferred shares. They will be perpetual and there will be no events of default. OMV may opt to defer coupon payments on a cumulative basis,” Moody’s said in a press release.

OMV's other ratings remain unchanged, the agency said.

The outlook is negative.

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