Moody’s applies Baa3 to RWE securities

Moody's Investors Service said it assigned a Baa3 long-term rating to the €550 million NC10 subordinated hybrid capital securities and the €700 million NC5.5 subordinated hybrid capital securities issued by RWE AG.

The outlook is stable, in line with that of RWE's Baa1 senior unsecured debt rating.

The Baa3 rating is two notches below RWE's senior unsecured rating of Baa1, reflecting the features of the hybrids. The instruments have a long-dated maturity (60 years), are deeply subordinated and RWE can opt to defer coupons on a cumulative basis.

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