PARIS (Standard&Poor's) Sept. 16, 2014--Standard&Poor's Ratings Services said today that its ratings on Orange (BBB+/Negative/A-2) are unchanged after the group announced a €3.4 billion offer to acquire 100% of Spain-based telecom operator Jazztel. Orange has indicated that it intends to finance the transaction through an up to €2 billion capital increase at the level of parent company Orange S.A., and the rest through an expected equity component stemming from a planned hybrid instrument issuance. Therefore, at this stage, we envisage no material impact on the group's Standard&Poor's-adjusted credit metrics if the transaction is completed. In addition, we think the combination of the group's existing operations in Spain and Jazztel would provide an opportunity to
