Danish integrated power and gas company DONG Energy A/S plans to exchange and refinance its existing €700 million hybrid securities due 3010 by issuing new subordinated hybrid securities. We assess the proposed securities as having "intermediate" equity content. We are assigning our 'BB+' issue rating to the proposed securities to reflect their subordination and optional deferability. STOCKHOLM (Standard&Poor's) June 10, 2013--Standard&Poor's Ratings Services today assigned its 'BB+' long-term issue rating to the proposed two tranches of long-dated, optionally deferrable, and subordinated hybrid capital securities of the same series to be issued by Danish integrated power and gas company utility DONG Energy A/S (BBB+/Negative/A-2). The company will use the new securities to exchange and refinance the existing
