Moody's rates Veolia notes Baa3

Moody's Investors Service said it assigned a provisional Baa3 long-term rating to the proposed issuance of undated deeply subordinated reset rate notes in euros and in British pounds by Veolia Environnement SA.

The outlook is stable.

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

Moody's said the provisional Baa3 rating is two notches below Veolia's senior unsecured rating of Baa1, reflecting the features of the notes. It is perpetual, deeply subordinated and Veolia can opt to defer coupons on a cumulative basis.

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