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S&P to Qualify Nippon Steel's Subordinated Loan as Having Intermediate Equity Content

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S&P Global Ratings will classify Nippon Steel's (TYO:5401) subordinated loan as having intermediate equity content, according to a Tuesday release.

The planned debt will have a neutral effect on the company's issuer credit rating and outlook, S&P said.

Features of the loan, including an option to defer interest payments, a sufficiently long residual time until maturity and subordination in liquidation or bankruptcy, qualify for the rating agency's standards for intermediate equity content.

The company will use the loan to refinance 30 billion yen of subordinated bonds that are callable in September.

S&P also sees the debt as a way for the company to absorb losses over a long period.

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