S&P Global Ratings has given an A- long-term issue rating to CLP Power HK Finance's proposed $500 million perpetual subordinated capital securities, according to a Thursday release.
Electricity company CLP Power Hong Kong will guarantee the securities.
S&P views the proposed issuance as having intermediate equity content until its first reset date, aligning with the rating agency's criteria on loss absorption capacity and cash preservation under shocks.
The perpetual securities' rating is two notches below the guarantor's long-term issuer credit rating, given its subordinated nature and optional deferability.
The company will use the proceeds to refinance the $500 million hybrid securities issued in 2019.
CLP Power Hong Kong is a subsidiary of CLP Holdings (HKG:0002).
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