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 17.12.2020 22.12.2020
BBB+ Outlook STA 04.09.2019 12.09.2019


  • 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.