France-based vertically integrated utility Veolia Environnement S.A. 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. 4, 2013--Standard&Poor's Ratings Services said today that it assigned its 'BBB-' long-term issue rating to the proposed, undated, optionally deferrable, and deeply subordinated hybrid capital securities to be issued by France-based vertically integrated utility Veolia Environnement S.A. (Veolia; BBB+/Negative/A-2). The transaction volume is subject to market conditions. We consider the proposed securities to have intermediate equity content until their first call date in April 2018, because they meet our hybrid
