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| Prospect News home > News index > List of issuers Z > Headlines for Zara UK Topco Ltd. > News item |
S&P rates Zara loan B
S&P said it assigned a B long-term issuer credit rating to Zara UK Topco Ltd., the common holding company of the Flamingo and Afriflora groups, which supply and distribute flowers and premium vegetables in Europe.
The agency also said it assigned a B rating to the senior secured facilities, which consist of a €280 million term loan B due in 2025 and €30 million revolving credit facility due in 2024.
S&P also said it assigned a recovery rating of 3, indicating 50% expected default recovery.
These ratings are in line with the preliminary ratings assigned to the company in January, the agency noted.
The ratings reflect the Flamingo group's position as one of leading U.K. suppliers and distributors of flowers and premium vegetables with about £440 million to £450 million in pro forma revenues in 2017, of which about 80% originate from the U.K. market, S&P said.
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