Fitch rates Orange hybrids BBB-, view stable

Fitch Ratings said it revised Orange SA's outlook to stable from negative and affirmed its long-term issuer default rating at BBB+.

The agency also assigned a rating of BBB- to Orange's deeply subordinated fixed-rate notes (hybrid securities).

Fitch said the outlook revision was driven by its expectations of stabilizing operational trends within Orange's domestic market in France and lower leverage as a result of improved operational cash flows and asset sales.

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