...October 14, 2020 - Veolia Environnement S.A. plans to issue junior subordinated perpetual hybrid securities to partially finance the 3.4 billion acquisition of ENGIE's 29.9% share in Suez Environnement S.A. - We assess the proposed securities as having intermediate equity content, underpinned by the structural features of the instrument and the group's supportive financial policy. - We are assigning our '##+' issue rating to the proposed securities to reflect their subordination and optional deferability. PARIS (S&P Global Ratings) Oct. 14, 2020--S&P Global Ratings today assigned its '##+' 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. (###/Stable/A-2). We consider the proposed securities to have intermediate equity content until their first call dates (5.5 years and 8.5 years after issuance), because they meet our hybrid capital...
