Moody's rates RWE hybrid Baa2

Moody's Investors Service said it assigned a provisional Baa2 long-term rating to the proposed issuance of subordinated hybrid capital securities by RWE AG.

The outlook is negative.

The size and completion of the hybrid remain subject to market conditions.

The rating is two notches below RWE's senior unsecured rating of A3, reflecting the features of the hybrid, Moody's said.

The instrument is undated, very deeply subordinated and RWE can opt to defer coupons on a cumulative basis, the agency said.

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