French telecom operator Orange intends to issue subordinated hybrid securities. We assess the proposed securities as having "intermediate" equity content under our criteria. We are assigning our 'BBB-' issue rating to the proposed securities to reflect their subordination and optional coupon deferability. PARIS (Standard&Poor's) Jan. 23, 2014--Standard&Poor's Ratings Services said today that it has assigned its 'BBB-' long-term issue rating to the proposed six-year, eight-year, and ten-year non-call, perpetual, optionally deferrable, and subordinated hybrid securities to be issued by Orange (BBB+/Negative/A-2). The completion and size of the overall issue will be subject to market conditions. We classify the proposed securities as having "intermediate" equity content until their first call dates in 2020, 2022, and 2024, respectively,
