...July 24, 2023 PARIS (S&P Global Ratings) July 24, 2023--S&P Global Ratings today said Orange S.A.'s exclusive negotiations with BNP Paribas to provide a continuity solution for Orange Bank customers does not affect our analysis of FCT Orange Bank Personal Loans 2020, for which Orange Bank is the servicer. On June 28, 2023, Orange S.A. announced exclusive negotiations with BNP Paribas to serve Orange Bank's customers under a continuity plan amid plans to focus on its core business. We understand from Orange Bank's management that throughout negotiations with BNP Paribas new loan originations will continue. They believe volumes will remain sufficient to prevent an early amortization event if a new purchase of receivables decreases materially during the transaction's revolving period. Orange Bank remains the servicer of the receivables. The transaction documents contemplate replacing Orange Bank as servicer if the relevant authority cancels or withdraws its banking license, but this change...
