Fitch gives Afflelou B

Fitch Ratings said it has assigned Lion/Seneca France 2 SAS (Afflelou) a final long-term foreign currency issuer default rating of B with a stable outlook.

Fitch said it has also assigned 3AB Optique Developpement SAS' €365 million of senior secured notes due 2019 and super senior revolving credit facility final ratings of BB-/RR2 and Lion/Seneca France 2's €75 million of senior notes due 2019 final ratings of CCC+/RR6.

The ratings reflect Afflelou's high leverage and a competitive European optical market, which are balanced with its robust market position and positive market fundamentals in France, the agency said.

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