S&P: Veolia securities BBB-

Standard & Poor's said it assigned its BBB- long-term issue rating to the proposed, undated, optionally deferrable and deeply subordinated hybrid capital securities to be issued by Veolia Environnement SA.

The transaction volume is subject to market conditions.

S&P said it considers the proposed securities to have intermediate equity content until their first call date in April 2018, because they meet the agency's hybrid capital criteria in terms of their subordination, permanence and optional deferability during this period.

The agency said it arrived at the BBB- issue rating on the proposed securities by notching down from the BBB+ long-term corporate credit rating on Veolia.

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