SOLOCAL- Rating Report
We have reaffirmed our rating on Solocal of B. We nonetheless change our outlook to Negative from Stable.
Our rating is supported by i) the leading position of Solocal in the French digital market ii) the long-term partnerships with major search engines and social media (Google, Bing, Facebook and Apple) that significantly improve Solocal’s position through referencing and shared content, iii) a moderate net leverage of 1.7x as of end-December 2017, and iv) a debt structure that incentivizes the company to deleverage and refinance as soon as possible.
Solocal Group SA is a France-based company, which is engaged in local online communication. The Company provides digital content, advertising solutions and transactional services that connect people with local businesses. Solocal Group SA operates in France, Spain, Austria and the United Kingdom and supports the online development of SMB and client accounts, mainly through its four flagship brands: PagesJaunes (engaged in local advertising and information on the Internet and in mobile and print media), Mappy (a portal of services relating to travel: maps, journey planners, local area information searches, before and during the journey), Ooreka (a database of content with practical guides, tutorials, among others, written by such specialists as notaries, lawyers, doctors, electricians and gardeners, among others.
Spread Research is France's first Rating Agency, registered by ESMA (European Securities and Markets Authority) and a leading European Independent Credit Research firm, founded in 2004 and based in Lyon, France. Our experienced team offer key research services using a wide range of investment strategies and research methodologies for the High Yield, Emerging Markets, Convertibles and Loan Markets.
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