Add to balance / Manage account | User: | Log out |
Prospect News home > News index > List of issuers O > Headlines for Orange SA > News item |
Moody's assigns Baa3 to Orange hybrids
Moody's Ratings said it assigned a Baa3 long-term rating to Orange SA's €700 million of undated non-call deeply junior subordinate fixed to reset hybrid bond.
All other ratings of Orange and its guaranteed subsidiaries, as well as the positive outlook, remain unaffected, the agency said.
"The Baa3 rating assigned to the hybrid bond is two notches below Orange's senior unsecured rating of Baa1, primarily because the bonds are deeply subordinated to other debt and are only senior to common equity in the company's capital structure," said Carlos Winzer, a Moody's senior vice president and lead analyst for Orange, in a press release.
Orange plans to use the hybrid bond to partially refinance outstanding hybrid securities.
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.