Knowing that the current terms and conditions of the Hybrid have been acceptable for S&Ps since issuance in February 2010 and no prior indication of a review had been given, TenneT sees no fundamental reason for this unexpected step by S&P.
TenneT considers hybrid capital to be an important element of TenneT's capital structure and therefore TenneT is considering alternatives to address S&Ps concerns, which could potentially result in the restoration of the ‘Intermediate’ equity content for the Hybrid. TenneT will update the market in due course.
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