...January 7, 2025 - German airline Deutsche Lufthansa AG is proposing to issue subordinated hybrid capital notes. - We assess the proposed securities as having intermediate equity content. - We are assigning our '##' issue rating to the hybrid notes to reflect their subordination and optional deferability. FRANKFURT (S&P Global Ratings) Jan. 7, 2025--S&P Global Ratings today assigned its '##' long-term issue rating to the proposed long-dated, optionally deferrable, and subordinated hybrid capital securities to be issued by German airline Deutsche Lufthansa AG (###-/Stable/A-3). The amount remains subject to market conditions. The company plans to use the proceeds for general corporate purposes, including the repayment in full of its 500 million hybrid notes, which were issued in 2015, at their reset date in February 2026. We consider the proposed securities to have intermediate equity content until their first call date because they meet our criteria in terms of subordination, permanence,...
