27 October 2015
SSE plc notes today’s publication by Standard & Poor’s Rating Services entitled: “Standard & Poor’s Takes Various Rating Actions on review of Corporate Hybrid Equity” stating that S&P have revised the equity content that they have assigned on several hybrid capital instruments, including in respect of dual tranche €600m (ISIN: XS1196713298) and £750m (ISIN: XS1196714429) hybrid capital securities issued by SSE on 10 March 2015, to “minimal” from “intermediate” (the Rating Action).
In their announcement, S&P have confirmed that:
(a) their criteria for assessing corporate hybrids has not changed; and
(b) notwithstanding the Rating Action, their credit rating for SSE remains unchanged.
Since the criteria for assessing corporate hybrids has not changed, SSE notes that the Rating Action does not constitute a “Capital Event” under the conditions outlined in the original Securities documentation.
SSE is considering its options for the equity content to be re-instated to “intermediate” following the Rating Action, including amendments to the changing terms of the Securities.
26 November 2015
As an update to the statement made on 27/10/2015 (above) - S&P REVIEW OF CORPORATE HYBRID SECURITIES - SSE plc has executed two deeds of undertaking in relation to the outstanding €600,000,000 hybrid capital Securities (ISIN: XS1196713298) and £750,000,000 hybrid capital Securities (ISIN: XS1196714429), please see the full announcement here.”