S&P revises Zara view to stable

S&P said it revised Zara UK Topco Ltd.’s outlook to stable from negative and affirmed the B- ratings on Zara and its €280 million senior secured term loan and €30 million revolving credit facility. Zara is the parent of Flamingo Group International Ltd.

“Flamingo Group’s operating performance was resilient in 2020, and we expect supportive demand for flowers and vegetables will continue in the next 12 months. Demand for flowers was resilient in 2020 because European retail stores remained opened throughout the year and continued to offer popular, low-priced items to their customers. Flamingo also benefited from strong online demand, which represented about 18% of 2020 revenue, increasing from less than 10% in 2019,” S&P said in a press release.

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