Large scale and leading fixed-line and mobile telecommunications positions. Geographic diversification and growth prospects in emerging markets. Very high capital intensity, fragmentation, and pricing pressures in the industry. Intense competition in the French market. Lack of labor cost flexibility in the French fixed-line operation. Some exposure to emerging markets' country and regulatory risks. Moderate financial and shareholder policies. Solid liquidity management track record. Weak cash flow-based credit metrics. The stable outlook on Orange reflects S&P Global Ratings anticipation of improved performance for Orange in France and Spain over the next 12 months, with at least break-even revenue and EBITDA growth for the group. We also expect the company to maintain credit metrics in line with our 'BBB+' rating, including S&P
