OVERVIEW German airline Lufthansa has issued €500 million in junior subordinated hybrid capital notes due 2075. We assess the hybrid notes as having intermediate equity content. We are assigning our 'BB' issue rating to the hybrid notes to reflect their subordination and optional deferability. FRANKFURT (Standard&Poor's) Aug. 6, 2015--Standard&Poor's Ratings Services today assigned its 'BB' long-term issue rating to the €500 million optionally deferrable and junior subordinated hybrid capital notes, due 2075, issued by German airline Deutsche Lufthansa AG (BBB-/Stable/A-3). With this issuance, Lufthansa has successfully returned to the capital market after putting a previously announced issuance of hybrid notes on hold in March this year. We consider the hybrid notes to have "intermediate" equity content
