We are assigning our 'BBB-' issue rating to Deutsche Annington's proposed unsecured subordinated hybrid notes. We assess the proposed notes as having "intermediate" equity content, under our criteria. PARIS (Standard&Poor's) Dec. 4, 2014--Standard&Poor's Ratings Services today assigned its 'BBB-' long-term issue rating to the proposed perpetual, optionally deferrable, and subordinated hybrid notes to be issued by Deutsche Annington Finance BV under the subordinated guarantee of the parent company, Deutsche Annington Immobilien SE (DAI; BBB/Watch Pos/A-2). The completion and size of the transaction will be subject to market conditions, but we anticipate it will be benchmark size. DAI plans to use the proceeds to partly fund its announced €9.4 billion acquisition of Gagfah, a Luxembourg-based owner and
