Moody’s affirms Foncia, loans

Moody’s Investors Service said it affirmed its B2 corporate family rating and B2-PD probability of default rating on Foncia Management SAS, parent company of the Foncia group.

The agency said the action follows the company's announcement to borrow an incremental €80 million under its senior secured first-lien term loan.

Proceeds will be used to partially repay its €187 million second-lien facility (unrated).

Concurrently, Moody's affirmed the B2 ratings on the company's €898.7 million senior secured first-lien term loan B3 (upsized by €80 million), €50 million senior secured acquisition/capex facility and €150 million revolving credit facility borrowed by Foncia.

The outlook is stable.

“The action reflects Foncia's revenue concentration in France, which accounted for about 90% of revenues in 2017, and in residential real estate services (RRES), which is subject to regulatory risk,” the agency said in a news release.

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