Austria-based telecom operator Telekom Austria AG is proposing to issue junior subordinated hybrid securities. We assess the proposed securities as having intermediate equity content, under our criteria. We are assigning our 'BB+' issue rating to the proposed securities to reflect their subordination and optional deferability. FRANKFURT (Standard&Poor's) Jan. 21, 2013--Standard&Poor's Ratings Services said today that it has assigned its 'BB+' long-term issue rating to the proposed, undated, optionally deferrable, and deeply subordinated hybrid capital securities to be issued by Austria-based telecom operator Telekom Austria AG (BBB/Stable/A-2). We understand that the transaction volume is subject to market conditions. We consider the proposed securities to have intermediate equity content until their first call date in February 2018 because
