...+ Swedish state-owned multi-utility Vattenfall AB is proposing to issue junior subordinated hybrid securities. + We assess the proposed securities as having intermediate equity content. + We are assigning our '###-' issue rating to the proposed securities to reflect their subordination and optional deferability. STOCKHOLM(Standard & Poor's) March 3, 2015--Standard & Poor's Ratings Services today assigned its '###-' long-term issue rating to the proposed long-dated, optionally deferrable, and subordinated hybrid capital securities to be issued by Vattenfall AB (A-/Stable/A-2), Sweden-based multi-utility. Under this transaction, Vattenfall plans to issue two tranches: one denominated in euro and the other in Swedish krona. The amount of these tranches remains subject to market conditions. We consider the proposed securities to have "intermediate" equity content until their respective first call dates, because they meet our criteria in terms of subordination, permanence, and deferability at...
