French telecom operator Orange has announced its intention to issue subordinated hybrid securities. We assess these proposed securities as having "intermediate" equity content under our criteria. We are assigning our 'BBB-' issue rating to the proposed securities to reflect their subordination and optional coupon deferability. PARIS (Standard&Poor's) Sept. 22, 2014--Standard&Poor's Ratings Services said today that it has assigned its 'BBB-' long-term issue rating to the proposed 7-year, 8.5-year, and 12-year non-call, perpetual, optionally deferrable, and subordinated hybrid securities to be issued by French telecom operator Orange (BBB+/Negative/A-2). The completion and size of the overall issue will be subject to market conditions. We classify the proposed securities as having "intermediate" equity content until their first call dates
