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S&P rates ZPG notes BB-
S&P said it assigned a preliminary BB- long-term corporate credit rating to ZPG plc.
The agency also said it assigned a preliminary BB- rating to the group's proposed £200 million 5½-year unsecured notes. The recovery rating is 3, indicating 50% to 70% expected default recovery.
Since being publically listed in 2014, ZPG has been actively reinvesting its cash flow and raising debt for a series of acquisitions, which has helped extend the group's service offerings to become a one-stop shop for prospective property buyers, estate agents and households, S&P said.
ZPG also achieved 10% organic growth in 2017 on the back of consumers' increasing demand for convenient digital platforms, the agency noted.
Online traffic also is expected to grow over the next several years with significant market penetration opportunities in mobile technology, S&P added.
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