Changed equity content of Vattenfall’s hybrid capital

Rating agency Standard & Poor’s (S&P)  has revised the equity content of Vattenfall’s outstanding hybrid capital issues from “intermediate” to “minimal” (ISINs XS1205625251, XS1205618470, XS1205627547) in connection with a broader review.In a statement published on Tuesday S&P also confirms that the equity content revision has no impact on Vattenfall’s issuer credit ratings and hybrid ratings. According to S&P the conditions under which Vattenfall may redeem the hybrid bonds in connection with certain rating agency actions are not consistent with S&P’s equity content criteria.