S&P rates GDF Suez notes BBB+

Standard & Poor's said it assigned a BBB+ long-term issue rating to the perpetual, optionally deferrable and deeply subordinated capital securities proposed by GDF Suez SA.

The completion and size of the issue will be subject to market conditions.

The issuer intends to place two euro tranches with different call and step-up, S&P said.

The proposed securities are expected to have intermediate equity content until their respective first call dates because they meet the hybrid capital criteria in terms of their subordination, permanence, and optional deferability during this period, the agency said.

The BBB+ rating on the new securities reflects a notching down from the company's A stand-alone credit profile, S&P said.

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