France-based power utility Electricite de France S.A. (EDF; A+/Stable/A-1) 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. PARIS (Standard&Poor's) Jan. 13, 2014--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 expect EDF's outstanding hybrid issues, including the four tranches issued in January 2013 for a total of €6.2 billion and the proposed ones,
