(Finance) – Moody’s assigned its long-term debt rating today Baa3 to junior subordinate titles Capital Security A and junior subordinate titles Capital Security B which will be issued by Enel. The size and completion of so-called hybrid securities are subject to market conditions. THE’outlook for Enel it is stable.
The Baa3 rating assigned to Hybrids is two notches lower than senior unsecured rating of Enel, equal to Baa1reflecting the characteristics of hybrids. The rating agency explained that these securities “are very long-dated, deeply subordinated and Enel can opt to defer coupons on a cumulative basis. The rating is in line with that of existing hybrid securities issued by the company.”