France's incumbent telecommunications operator, Orange, continues to face a tough domestic competitive environment, but the impact of pricing pressures has meaningfully declined. Additionally, thanks to the rapid rollout of 4G and fibre to the home, Orange is currently benefitting from solid customer growth and maintaining a meaningful share in its key markets. We are therefore revising the outlook on Orange to stable from negative and affirming the rating at 'BBB+'. The stable outlook reflects our anticipation of improved performance for Orange in France and Spain over the next 12 months, with the group posting at least break-even revenue and EBITDA growth, supporting credit metrics in line with the rating. On Jan. 27, 2016, Standard&Poor's Ratings Services revised its
