S&P gives B to Flamingo, loans

S&P said it assigned its B long-term corporate credit rating to Flamingo SAS, the future parent company of operating subsidiary Foncia Groupe SA.

The outlook is stable.

At the same time, the agency assigned its B issue rating to the proposed first-lien credit facilities to be borrowed by Flamingo. The recovery rating is 4, indicating an expectation of average recovery in the higher half of the 30%-50% range in the event of a payment default.

S&P said the rating on Flamingo SAS (Foncia) reflects the company's leading market position in the residential real estate services (RRES) market in France, where it had an overall market share of about 14% in 2015.

Foncia's chief activities include joint property management, lease management, renting and brokerage services.

Its operations are largely focused on France (90% of revenues), and it has a small presence in Switzerland, Germany and Belgium, the agency added.

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