S&P rates Vattenfall securities BBB-

Standard & Poor's said it assigned its BBB- long-term issue rating to the proposed long-dated, optionally deferrable and subordinated hybrid capital securities to be issued by Vattenfall AB (A-/stable/A-2).

Under this transaction, Vattenfall plans to issue two tranches: one denominated in euro and the other in Swedish krona. The amount of these tranches remains subject to market conditions.

The agency considers the proposed securities to have "intermediate" equity content until their respective first call dates, because they meet our criteria in terms of subordination, permanence and deferability at the company's discretion.

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