S&P assigns BBB- to Terna notes

S&P said it assigned its BBB- long-term issue rating to the proposed undated, optionally deferrable benchmarked-sized, and subordinated hybrid securities to be issued by Terna SpA. The offering remains subject to market conditions.

The rating is two notches lower than Terna’s issuer rating. S&P said it deducts a notch for subordination and another to reflect the flexibility to defer interest.

Terna currently has €1 billion of subordinated notes outstanding.

The outlook is stable.

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