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Published on 9/13/2019 in the Prospect News Convertibles Daily and Prospect News Investment Grade Daily.

S&P assigns Orange hybrid BBB-

S&P said it assigned its BBB- issue rating to the €500 million subordinated hybrid security to be sold by Orange SA.

“The rating reflects our notching for subordination and optional interest deferability. We assess the security as having intermediate equity content until the first call date,” said S&P in a press release.


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