S&P: Europcar unaffected

Standard & Poor's said its ratings and outlook on Europcar Groupe SA (BB-/stable) are unchanged by the group's planned increase in its high-yield notes issue to €550 million from €500 million.

The agency said it understands that the €50 million increase will be used to reduce the equity contribution from Europcar's sponsors Eurazeo.

Despite the increase in financial leverage, S&P said it continues to expect the group to meet its target of adjusted funds from operations to net debt of between 12% and 15% over the cycle and adjusted EBIT coverage of net interest of about 1.3 times or above.

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