Bulletin: Orange S.A. 2024 Results Keep Metrics In Line With Our Rating Parameters - S&P Global Ratings’ Credit Research

Bulletin: Orange S.A. 2024 Results Keep Metrics In Line With Our Rating Parameters

Bulletin: Orange S.A. 2024 Results Keep Metrics In Line With Our Rating Parameters - S&P Global Ratings’ Credit Research
Bulletin: Orange S.A. 2024 Results Keep Metrics In Line With Our Rating Parameters
Published Feb 17, 2025
2 pages (1044 words) — Published Feb 17, 2025
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Abstract:

This report does not constitute a rating action. PARIS (S&P Global Ratings) Feb. 17, 2025--Orange S.A.'s announced results for full-year 2024 support S&P Global Ratings' view that the company's S&P Global Ratings-adjusted credit metrics will be within parameters commensurate with the 'BBB+/A-2' ratings and stable outlook, and provide some increasing leeway over 2025-2026. We estimate that the company?s adjusted leverage will be within the maximum 3x level, including with S&P Global Ratings' adjustment proportionally consolidating Orange's 50%-owned-but-not-consolidated Spanish subsidiary MasOrange. Leverage could be slightly lower than the 3x we were foreseeing for 2024, due in particular to good EBITDA trends seen in all telecoms markets, with reported growth of 2.6% in 2024 (after leases, excluding Spain). Orange's business division remains

  
Brief Excerpt:

...February 17, 2025 This report does not constitute a rating action. PARIS (S&P Global Ratings) Feb. 17, 2025--Orange S.A.'s announced results for full-year 2024 support S&P Global Ratings' view that the company's S&P Global Ratings-adjusted credit metrics will be within parameters commensurate with the '###+/A-2' ratings and stable outlook, and provide some increasing leeway over 2025-2026. We estimate that the company's adjusted leverage will be within the maximum 3x level, including with S&P Global Ratings' adjustment proportionally consolidating Orange's 50%- owned-but-not-consolidated Spanish subsidiary MasOrange. Leverage could be slightly lower than the 3x we were foreseeing for 2024, due in particular to good EBITDA trends seen in all telecoms markets, with reported growth of 2.6% in 2024 (after leases, excluding Spain). Orange's business division remains somewhat of a hurdle, but this was anticipated given the still ongoing business mix change and a repositioning toward higher growth...

  
Report Type:

Bulletin

Ticker
FTE@FP
Issuer
Orange S.A.
GICS
Integrated Telecommunication Services (50101020)
Sector
Global Issuers, Structured Finance
Country
France
Region
Latin America
Format:
PDF Adobe Acrobat
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Cite this Report

  
MLA:
S&P Global Ratings’ Credit Research. "Bulletin: Orange S.A. 2024 Results Keep Metrics In Line With Our Rating Parameters" Feb 17, 2025. Alacra Store. May 09, 2025. <http://www.alacrastore.com/s-and-p-credit-research/Bulletin-Orange-S-A-2024-Results-Keep-Metrics-In-Line-With-Our-Rating-Parameters-3324661>
  
APA:
S&P Global Ratings’ Credit Research. (). Bulletin: Orange S.A. 2024 Results Keep Metrics In Line With Our Rating Parameters Feb 17, 2025. New York, NY: Alacra Store. Retrieved May 09, 2025 from <http://www.alacrastore.com/s-and-p-credit-research/Bulletin-Orange-S-A-2024-Results-Keep-Metrics-In-Line-With-Our-Rating-Parameters-3324661>
  
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