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.
Vattenfall considers hybrid capital to be an important element of Vattenfall’s capital structure and values the financial and strategic flexibility that hybrid capital provides to the Company.
Accordingly, Vattenfall is in dialogue with S&P about possible courses of action that may address S&P’s concerns and result in the prompt restoration of equity content in Vattenfall’s outstanding hybrid issues to “intermediate”.
Vattenfall will update the market once resolution has been achieved.
Vattenfall discloses this information pursuant to the Swedish Securities Market Act.
For further information, please contact:
Johan Gyllenhoff, Group Treasurer, telephone: +46 (0) 73 4077726
Vattenfall’s Press Office, telephone: +46 8 739 5010.