Danish Integrated Power And Gas Company DONG Energy Proposed Subordinated Hybrid Notes Rated 'BB+'

OVERVIEW DONG Energy intends to issue junior subordinated hybrid notes to replace €600 million of hybrid capital. We assess the proposed notes as having intermediate equity content. We are assigning our 'BB+' issue rating to the proposed notes to reflect their subordination and optional deferability. STOCKHOLM (Standard&Poor's) April 29, 2015--Standard&Poor's Ratings Services today assigned its 'BB+' issue rating to the long-dated, optionally deferrable, and subordinated hybrid capital notes to be issued by Danish integrated power and gas company utility DONG Energy A/S (BBB+/Stable/A-2). The proposed maturity date is in November 3015. We consider the proposed notes to have "intermediate" equity content, according to our criteria, until the first par call date designated in the terms and

...OVERVIEW + DONG Energy intends to issue junior subordinated hybrid notes to replace 600 million of hybrid capital. + We assess the proposed notes as having intermediate equity content. + We are assigning our '##+' issue rating to the proposed notes to reflect their subordination and optional deferability. STOCKHOLM (Standard & Poor's) April 29, 2015--Standard & Poor's Ratings Services today assigned its '##+' issue rating to the long-dated, optionally deferrable, and subordinated hybrid capital notes to be issued by Danish integrated power and gas company utility DONG Energy A/S (###+/Stable/A-2). The proposed maturity date is in November 3015. We consider the proposed notes to have "intermediate" equity content, according to our criteria, until the first par call date designated in the terms and conditions, which is Nov. 6, 2020. This is because the notes meet our criteria in terms of permanence, deferability at the company's discretion, and subordination. We understand that the proceeds...

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