ENGIE's Proposed Junior Subordinated Hybrid Rated 'BBB'

OVERVIEW ENGIE is proposing to issue a junior subordinated hybrid security to partly or fully refinance the €750 million hybrid it issued in 2013, whose first call date is in July 2021. At the same time, ENGIE is launching a tender offer on the outstanding hybrid, but this does not impair our view of the permanence of hybrids in ENGIE's capital structure. We assess the proposed security as having intermediate equity content and will reassess the equity content of the non-call July 2021 tranche to be refinanced, once the amount of the new issuance is known. We are assigning our 'BBB' issue rating to the proposed security to reflect its subordination and optional deferability. PARIS (S&P Global Ratings) June 27,

...June 27, 2019 OVERVIEW - ENGIE is proposing to issue a junior subordinated hybrid security to partly or fully refinance the 750 million hybrid it issued in 2013, whose first call date is in July 2021. - At the same time, ENGIE is launching a tender offer on the outstanding hybrid, but this does not impair our view of the permanence of hybrids in ENGIE's capital structure. - We assess the proposed security as having intermediate equity content and will reassess the equity content of the non-call July 2021 tranche to be refinanced, once the amount of the new issuance is known. - We are assigning our '###' issue rating to the proposed security to reflect its subordination and optional deferability. PARIS (S&P Global Ratings) June 27, 2019--S&P Global Ratings said today that it has assigned its '###' long-term issue rating to the proposed perpetual, optionally deferrable, and subordinated hybrid capital security to be issued by ENGIE SA (A-/Stable/A-2). The amount of the hybrid remains subject...

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