S&P trims Europcar

S&P said it downgraded Europcar to CCC+ from B-. The agency also downgraded the company’s debt ratings “accordingly.”

“We estimate Europcar could see significant revenue decline of up to 50% in 2020 and 25% in 2021 compared to €3 billion generated in 2019 because of a steep contraction in demand for car rentals amid Covid-19 disruptions,” S&P said in a press release.

The outlook is negative.

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