Madrid, September 22, 2014 -- Moody's Investors Service has today assigned a Baa3 long-term rating to Orange's new undated EURO 7 year; GBP 8.5 year and EURO 12 year non-call deeply subordinated fixed-to-reset rate hybrid bonds. Orange (formerly, France Telecom) will issue the bonds under its EUR30 billion medium-term note programme (MTN), which Moody's has previously rated (P)Baa3 for junior subordinated bond issues. The size of the hybrid bonds remains subject to market conditions. All other ratings of Orange and its guaranteed subsidiaries, as well as the stable outlook on those ratings, remain unchanged.

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