Fitch assigns B rating to 3AB Optique

Fitch Ratings said it assigned a long-term issuer default rating of B to 3AB Optique Developpement SAS with stable outlook.

3AB is the key issuer and consolidating entity of the Afflelou group, Fitch said.

The rating reflects Afflelou's high leverage, the agency said, as well as a stable operating and financial performance.

The rating also considers an expectation that such resilient performance will continue over the next 12 to 18 months, Fitch said.

The results for the financial year that ended July 2018 were broadly in line with expectations, the agency said.

Leverage remains high at about 6x on a funds from operations-to-gross basis, but well within guidance for a B rating, Fitch said.

The agency said it expects credit metrics to remain stable with a reduction in net indebtedness, underpinned by solid cash flow generation, the agency said.

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