Global energy group GDF SUEZ S.A. is proposing to issue junior 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) July 1, 2013--Standard&Poor's Ratings Services said today that it assigned its 'BBB+' long-term issue rating to the perpetual, optionally deferrable, and junior subordinated capital securities being issued by France-headquartered global energy group GDF SUEZ S.A. (A/Negative/A-1). The transaction volume is subject to market conditions. We understand that the issuer intends to place up to three tranches in euros and British pounds and with different call and step-up dates. We consider the proposed
