Moody's rates Veolia notes Baa3

Moody's Investors Service said it assigned a definitive Baa3 long-term rating to the €1 billion and £400 million issuances of undated deeply subordinated reset rate notes by Veolia Environnement SA.

The outlook is stable in line with that of Veolia's senior unsecured rating.

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

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