France-based power utility Electricite de France S.A. (EDF) is proposing to issue junior subordinated hybrid securities. We assess the proposed securities as having intermediate equity content. We are assigning our 'BBB+' issue rating to the proposed securities to reflect their subordination and optional deferability. LONDON (Standard&Poor's) Jan. 16, 2013--Standard&Poor's Ratings Services today assigned its 'BBB+' long-term issue rating to the proposed perpetual, optionally deferrable, and deeply subordinated hybrid capital securities to be issued by France-based power utility Electricite de France S.A. (EDF; A+/Stable/A-1). The transaction volume is subject to market conditions. We understand that the issuer intends to place four tranches in different currencies and with different call and step-up dates. We consider the proposed securities
