...OVERVIEW + French chemical producer Arkema has announced its intention to issue subordinated hybrid securities to temper the adjusted debt impact of its acquisition of adhesive maker Bostik. + We assess these proposed securities as having "intermediate" equity content under our criteria. + We are assigning our '##+' issue rating to the proposed securities to reflect their subordination and optional coupon deferability. PARIS (Standard & Poor's) Oct. 17, 2014--Standard & Poor's Ratings Services said today that it has assigned its '##+' long-term issue rating to the proposed six-year non-call, perpetual, optionally deferrable, and subordinated hybrid securities to be issued by French chemical producer Arkema S.A. (###/Negative/A-2). We classify the proposed securities as having "intermediate" equity content until their first call dates in 2020 because they meet our criteria in terms of their subordination, permanence, and optional deferability during this period (see "Hybrid Capital Handbook:...
