...+ ENGIE is proposing to issue a junior subordinated hybrid security to partially or fully refinance its 1 billion existing hybrid issued in 2014 with first call date in June 2019. + We are assigning our '###' issue rating to the proposed security to reflect its subordination and optional deferability. We also assess the proposed security as having intermediate equity content. + At the same time, ENGIE is launching a tender offer on the existing hybrid instrument mentioned above. The proposed transaction does not impair our view of permanence of the hybrid layer within ENGIE's capital structure, but we will reassess the equity content of the non-call June 2019 tranche once the amount of the new issuance is known. PARIS (S&P Global Ratings) Jan. 17, 2019--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 to be issued by ENGIE SA (A-/Stable/A-2). The amount of the hybrid...
