Spain's vertically integrated gas and electricity utility Gas Natural SDG S.A. is proposing to issue junior subordinated hybrid securities via a subsidiary. We assess the proposed securities as having intermediate equity content. We are assigning our 'BB+' issue rating to the proposed securities to reflect their subordination and optional deferability. MILAN (Standard&Poor's) Nov. 7, 2014--Standard&Poor's Ratings Services today assigned its 'BB+' long-term issue rating to the proposed long-dated, optionally deferrable, and subordinated hybrid capital securities to be issued by Gas Natural Fenosa Finance B.V., a subsidiary of Gas Natural SDG S.A. (BBB/Stable/A-2), Spain's gas and electricity utility. Gas Natural will guarantee the securities. The transaction remains subject to market conditions. We consider the proposed securities to
