Debt and rating

The Group maintain the objective of a ratio net debt to Telecom EBITDAaL around 2x in the medium term in order to preserve Orange's financial strength and investment capacity.

Information on debt

Orange's debt ratings

	^{Standard & Poor's}	^Moody's	^{Fitch Ratings}
^{Long-term period debt}	BBB+	Baa1	BBB+
^Outlook	Stable	Positive	Stable
^{Short-term period debt}	A2	P2	F2

Green, Social, Sustainability Bonds

Orange Sustainability-Linked Financing Framework

Moody's Second Party Opinion on Orange Sustainability-Linked Financing Framework

Vigeo Eiris opinion

Orange Sustainability Financing Framework

Sustainability Bond - Allocation and Impact Report 2023

EMTN programme

On 8 June 2023, Orange renewed its €35 billion Euro Medium Term Note programme.
The Programme’s Base Prospectus and all related documentation are available in the Investors' Library.