...+ EDF is proposing to issue a junior subordinated hybrid security to partially refinance its existing hybrid instruments, in this order of priority: 1.25 billion, 1 billion, ú1.25 billion, and 1.25 billion hybrid instruments with first call dates in January 2020, 2022, 2026, and 2025 respectively. + We assess the proposed security as having intermediate equity content. + At the same time, EDF has launched a partial tender offer on the four above-mentioned hybrid instruments, for up to a total amount equivalent to the new issue raised. + We believe the proposed transaction does not impair our view of permanence of the hybrid layer within EDF's capital structure. + We are assigning our '##' issue rating to the proposed security to reflect its subordination and optional deferability. PARIS (S&P Global Ratings) Sept. 24, 2018--S&P Global Ratings said today that it had assigned its '##' long-term issue rating to the proposed perpetual, optionally deferrable, and subordinated hybrid capital security...
