S&P rates Linde bonds BBB-

Standard & Poor's said it assigned its BBB- long-term debt rating to the proposed, optionally deferrable, deeply subordinated hybrid bonds to be issued by Linde Finance BV, a subsidiary of Linde AG (BBB+/Watch negative/A-2), which is guaranteeing the bonds.

At the same time, the rating on the bonds was placed on CreditWatch with negative implications, reflecting the CreditWatch status on Linde, the agency said.

"The completion and size of the bond placement remain subject to market conditions," said S&P credit analyst Tobias Mock.

"The total amount of hybrid debt issues outstanding are not expected to exceed about 15% of Linde's total book capitalization after the integration of BOC."

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