PARIS (S&P Global Ratings) Feb. 22, 2022--S&P Global Ratings today said that Orange S.A.'s year-end results confirm that the company's credit ratios should remain broadly unchanged and enable comfortable headroom for the current 'BBB+/A-2' ratings, with a stable outlook, over 2022-2023. Our forecasts for this two-year period are underpinned by Orange's incremental sales improvements, modestly faster growth of earnings before interest, taxes, depreciation, amortization, and special losses (EBITDAAL), and declining capital expenditure (capex). Declines in Orange's French wholesale and its Spanish and Enterprise segments will continue to weigh on the group's performance over the coming couple of years, in our view. The French fixed-access wholesale segment, in particular, is likely to mute results due to the frontloaded nature of co-investment
