Fitch Affirms Orange at 'BBB+'/Stable on Acquisition of MasOrange 50% Stake
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Fitch Ratings has affirmed Orange S.A.'s 'BBB+' rating with a stable outlook following its acquisition of the remaining 50% stake in MasOrange for EUR4.25 billion. This acquisition enhances Orange's market position in Spain, making it the second-largest market after France. The transaction supports Orange's operating profile, profitability, and cash generation, while maintaining a comfortable leverage profile. The acquisition is expected to increase Orange's EBITDA net leverage to 2.5x in 2025, with potential for deleveraging in subsequent years.
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