GDF SUEZ S.A. is proposing to issue deeply subordinated hybrid securities. We assess the proposed securities as having intermediate equity content. We are assigning our 'BBB+' issue rating to the proposed securities to reflect their subordination and optional deferability. PARIS (Standard&Poor's) May 22, 2014--Standard&Poor's Ratings Services said today that it has assigned its 'BBB+' long-term issue rating to the perpetual, optionally deferrable, and deeply subordinated capital securities proposed by France-headquartered global energy group GDF SUEZ S.A. (GDF SUEZ; A/Negative/A-1). The completion and size of the issue will be subject to market conditions. We understand that the issuer intends to place two euro tranches with different call and step-up. We consider the proposed securities to have intermediate
