Moody’s rates OMV notes Baa2

Moody's Investors Service said it assigned a Baa2 long-term rating to the proposed issuance by OMV AG of perpetual subordinated fixed- to reset-rate bearer notes.

The agency said the rating is two notches below OMV's A3 issuer and senior long-term debt ratings, which have a stable outlook.

The notching reflects the deeply subordinated position of the hybrid in relation to OMV's existing senior unsecured debt, Moody’s said.

The proposed hybrid is perpetual, has no events of default and OMV can opt to defer coupons on a cumulative basis.

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