We are assigning our 'BB+' issue rating to the proposed unsecured subordinated hybrid notes to be issued by German residential real estate company Deutsche Annington (DAI). The issue rating on the proposed notes is two notches below the 'BBB' long-term rating on DAI, reflecting our view of the notes' subordination and optional interest deferability. LONDON (Standard&Poor's) April 1, 2014--Standard&Poor's Ratings Services said today that it has assigned its 'BB+' long-term issue rating to the proposed 60-year, optionally deferrable, subordinated hybrid notes to be issued by Deutsche Annington Finance B.V., under the subordinated guarantee of the parent, German residential real estate company Deutsche Annington Immobilien SE (DAI; BBB/Stable/A-2). The completion and size of the transaction will be
