S&P rates Telekom Austria hybrid BB+

Standard & Poor's said it assigned its BB+ long-term issue rating to Telekom Austria AG's proposed, undated, optionally deferrable and deeply subordinated hybrid capital securities.

S&P said it understands that the transaction volume is subject to market conditions. The agency said it considers the proposed securities to have intermediate equity content until their first call date in February 2018 because they meet our hybrid capital criteria in terms of their subordination, permanence and optional deferability during this period.

S&P arrived at its BB+ issue rating on the proposed securities by notching down from its BBB long-term corporate credit rating on Telekom Austria, the agency said in a news release.

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