MightyRiverPower's 2044 bonds deemed 'intermediate equity' by S&P, rated BB+

Mon, 09 Jun 2014

By Jonathan Underhill June 9 (BusinessDesk) - MightyRiverPower's proposed issue of up to $300 million of July 2044 bonds has been rated BB+ and assessed as 'intermediate equity' by Standard & Poor's, meaning the ratings company will classify 50 percent of the interest paid as dividends. The rating and classification come after S&P last year changed its criteria for assessing the equity content of hybrid instruments such as MightyRiverPower's subordinated capital bonds, which can be redeemed early and have interest payments deferred at the...

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