RWE finds the decision by the rating agency S&P to consider certain hybrid bonds issued in 2015 as pure liabilities and to stop accounting for them partially as equity illogical. "It is very strange that S&P is suddenly reclassifying hybrid bonds that the agency reviewed and valued just a few months ago," says Bernhard Günter, CFO of RWE AG. "Such erratic behaviour destroys investor and issuer confidence." Other rating agencies continue to recognise hybrid bonds partially as equity. RWE is already in discussion with S&P to reinstall the equity credit.