European rating agency. Objective, transparent, independent.
European rating agency. Objective, transparent, independent.

Orange S.A.

Rating History

Rating Watch Outlook Decision Date Action Validity Date Maximum Validity
BBB+ Outlook STA 16.12.2022 21.12.2022
BBB+ Outlook STA 18.11.2021 24.11.2021
BBB+ Outlook STA 17.12.2020 22.12.2020
BBB+ Outlook STA 04.09.2019 12.09.2019


  • 21.12.2022
    Creditreform Rating has affirmed the unsolicited corporate issuer rating of Orange S.A. at BBB+. Creditreform Rating has also affirmed the unsolicited corporate issue rating of the long-term local currency senior unsecured notes issued by Orange S.A. at BBB+. These issues are included in the list of ECB-eligible marketable assets, which can be found on the ECB's website. The outlook for the ratings remains stable. For more details regarding the ratings, please refer to our update report below.
  • 24.11.2021
    Creditreform Rating (CRA) has affirmed the unsolicited corporate issuer rating of Orange S.A. at BBB+/stable. The decision is based on Orange´s stable operating performance during 2021, and our expectation that credit metrics will be sustained at healthy levels in the next 12-24 months. Despite the recognition of EUR 3.7 billion impairment on goodwill related to deteriorating market conditions in Spain, which we consider non-recurring and with no cash impact, the Company´s has been able to sustain good profitability levels. This is a result of Orange´s leading market position in Europe, Africa and Middle East and continuous increase in its customer base, in particular in the mobile segment. Going forward, operating performance will be supported by Orange´s strategy and by cost savings initiatives. We also believe that Orange will be able to pursue its 5G expansion plans and simultaneously to sustain an adequate capital structure and liquidity position.
  • 22.12.2020
    Creditreform Rating (CRA) has confirmed the unsolicited corporate issuer rating of Orange S.A. at BBB+ / stable. The decision is based on the current relatively stable operative performance in the first nine month of 2020 in comparison with the same period of the previous year, despite the COVID-19 pandemic. In addition, the Company is currently also benefiting from co-financing with other operators of its French fiber networks, reducing capex (excluding licenses). The improvement in the financial ratios in 2019 also has a compensating effect, therefore a moderate deterioration due to renewed lockdown measures would not put pressure on the rating, so that we can confirm the rating at BBB+ / stable. The key position of the Company in the French market, strengthened by acquisition of the largest bloc of 5G frequencies, as well as its solid financial figures in connection with a comfortable liquidity position and proven access to financial markets, also contributes positively to the rating.
  • 12.09.2019
    Creditreform Rating has carried out an unsolicited rating of Orange S.A. The rating has been set to BBB+ with stable outlook.