PARIS (Standard&Poor's CreditWire) May 30, 2000--Following the announcement by France Télécom that it has reached an agreement with Vodafone AirTouch PLC (Vodafone; A-/Stable/A-2) to acquire U.K.-based mobile-telephone operator Orange PLC for euro (Eur) 43.2 billion, Standard&Poor's today took the following rating actions: -- Placed its long- and short-term ratings on France Télécom on CreditWatch with negative implications; and -- Revised the CreditWatch implications on its long-term ratings on Orange PLC to positive from negative. All rating details are provided in the list below. According to the proposed terms of the transaction, France Télécom will pay Eur22.2 billion in cash and Eur18.2 billion in equity to Vodafone. In addition, France Télécom will consolidate about Eur3 billion of
