Moody's turns Orange outlook to positive

Moody's Investors Service said it changed the outlook for Orange to positive from stable. Concurrently, the agency affirmed Orange's Baa1 long-term issuer rating, the Baa1 senior unsecured rating, the (P)Baa1 senior unsecured medium-term note program rating, the Baa3 junior subordinate rating, and the (P)Baa3 junior subordinate MTN program rating.

"The outlook change to positive reflects the company's solid and resilient operating performance in a challenging competitive and macroeconomic environment," said Carlos Winzer, a Moody's senior vice president and lead analyst for Orange, in a press release.

"Orange's predictable financial policy and well-crafted strategy that underpins sustainable operating cash flow will allow the company to sustain solid credit metrics that support upward pressure on the rating," Winzer added.

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