Vattenfall Issues Hybrid Securities
On June 17, Vattenfall Treasury AB launched EUR 1 billion of Capital Securities, guaranteed by Vattenfall AB.The notes are rated Baa2 (positive outlook) by Moody's and BBB- (stable) by S&P and are subordinated to Vattenfall's Senior Debt due to various provisions. Vattenfall’s senior debt is rated A3 (positive outlook) by Moody’s and A- (stable outlook) by S&P. The Capital Securities offering is the largest-ever pan-European corporate offering and the first to receive 75% and 60% equity credit from Moody's and S&P, respectively. “The financing fits well with our ambition to optimise our