Fitch assigns Foncia B

Fitch Ratings said it assigned Foncia Management SAS an expected B long-term issuer default rating. The agency also gave Foncia's senior secured facilities an expected B+ rating with an RR3 (51%) recovery rating and senior unsecured facilities an expected CCC+ rating with a recovery rating RR6 (0%).

“The ratings reflect Foncia's leading market position within the fragmented, French residential real estate services (RRES) market, the recurring nature of the majority of its revenues, its sticky customer and contract base, and stable demand for its services, even in recent adverse market conditions. Foncia's scale provides a distinct advantage compared with its competitors. The ratings are restricted by Foncia's high leverage with FY21 funds from operations (FFO) gross debt leverage ratio expected at 8.4x, decreasing to 6.7x in FY24,” Fitch said in press release.

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