Orange -- Moody's assigns Baa3 rating to Orange's new hybrid bonds; stable outlook

Madrid, January 23, 2014 -- Moody's Investors Service has today assigned a Baa3 long-term rating to Orange's new undated 6-year/8-year/and 10-year non-call deeply subordinated fixed-to-reset rate hybrid bonds. Orange (formerly, France Telecom) will issue the bonds under its EUR30 billion medium-term note programme (MTN), which Moody's has simultaneously rated (P)Baa3 for junior subordinated bond issues. The size of the hybrid bonds remains subject to market conditions. All other ratings of Orange and its guaranteed subsidiaries, as well as the stable outlook on those ratings, remain unchanged.

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