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Fitch Affirms Orange's TDIRA at 'BBB-'; Withdraws Rating
January 14, 2014 / 5:36 PM / 4 years ago

Fitch Affirms Orange's TDIRA at 'BBB-'; Withdraws Rating

(The following statement was released by the rating agency) LONDON, January 14 (Fitch) Fitch Ratings has affirmed France-based telecoms company Orange S.A.'s hybrid capital instrument (TDIRA) at 'BBB-' and withdrawn the rating. All other ratings of Orange are unaffected. KEY RATING DRIVER The reason for the withdrawal is due to a criteria change to Fitch's hybrids methodology for non-financial Corporates and REITs where Fitch no longer rates instruments which are exclusively redeemable into shares. For full information on Orange's key rating drivers, please refer to Fitch's commentary dated 7 November 2013 ('Fitch Revises Orange's Outlook to Negative from Stable; Affirms at 'BBB+'') at Contact: Principal Analyst Owen Fenton Associate Director +44 20 3530 1423 Supervisory Analyst Damien Chew, CFA Senior Director +44 20 3530 1424 Fitch Ratings Limited 30 North Colonnade London E14 5GN Committee Chairperson Michael Dunning Managing Director +44 20 3530 1178 Media Relations: Peter Fitzpatrick, London, Tel: +44 20 3530 1103, Email: Additional information is available at For regulatory purposes in various jurisdictions, the supervisory analyst named above is deemed to be the primary analyst for this issuer; the principal analyst is deemed to be the secondary. Applicable criteria, 'Corporate Rating Methodology: Including Short-Term Ratings and Parent and Subsidiary Linkage', dated 5 August 2013 and 'Treatment and Notching of Hybrids in Non-Financial Corporate and REIT Credit Analysis', dated 23 December 2013, are available at Applicable Criteria and Related Research: Corporate Rating Methodology: Including Short-Term Ratings and Parent and Subsidiary Linkage here Treatment and Notching of Hybrids in Non-Financial Corporate and REIT Credit Analysis here Orange S.A. here Additional Disclosure Solicitation Status here ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: here. IN ADDITION, RATING DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE AVAILABLE ON THE AGENCY'S PUBLIC WEBSITE 'WWW.FITCHRATINGS.COM'. PUBLISHED RATINGS, CRITERIA AND METHODOLOGIES ARE AVAILABLE FROM THIS SITE AT ALL TIMES. FITCH'S CODE OF CONDUCT, CONFIDENTIALITY, CONFLICTS OF INTEREST, AFFILIATE FIREWALL, COMPLIANCE AND OTHER RELEVANT POLICIES AND PROCEDURES ARE ALSO AVAILABLE FROM THE 'CODE OF CONDUCT' SECTION OF THIS SITE. FITCH MAY HAVE PROVIDED ANOTHER PERMISSIBLE SERVICE TO THE RATED ENTITY OR ITS RELATED THIRD PARTIES. DETAILS OF THIS SERVICE FOR RATINGS FOR WHICH THE LEAD ANALYST IS BASED IN AN EU-REGISTERED ENTITY CAN BE FOUND ON THE ENTITY SUMMARY PAGE FOR THIS ISSUER ON THE FITCH WEBSITE.

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