...FRANKFURT (S&P Global Ratings) Feb. 1, 2019--S&P Global Ratings said today that its issuer credit and issue ratings on German residential property company Vonovia SE (###+/Stable/A-2) are not affected by the company's announcement that it is considering redeeming its 2014 700 million hybrid bonds (rated '###-') at the first call date in April 2019 without replacement. This is because we do not anticipate the redemption weakening Vonovia's credit metrics, given that it would redeem the hybrid with proceeds from the recent sale of Deutsche Wohnen shares and because we would still view the remaining 1 billion hybrids as having intermediate equity content. While we now view the equity content for the 2014 instrument as minimal compared with intermediate previously, given the lack of permanence in the company's capital structure, we continue to assess the equity content for the remaining outstanding hybrid instrument as intermediate. This is because we consider that Vonovia's creditworthiness...
