S&P affirms Europcar

Standard & Poor's said it affirmed its BB- long-term corporate credit rating on Europcar Groupe SA, along with the BB debt rating and recovery rating of 1 on its proposed increased €350 million senior secured revolving credit facility.

The rating on the proposed increased €430 million subordinated secured floating-rate notes was affirmed at B+ with a recovery rating of 3, one notch below the corporate credit rating, S&P said.

The rating on the proposed increased €375 million subordinated unsecured notes was affirmed at B, two notches below the corporate credit rating.

The outlook is stable.

The affirmations reflect S&P's assessment of the proposed financing arrangements supporting Europcar's acquisition of the European businesses of Vanguard Car Rental Holdings LLC, which the agency said it considers as slightly positive for Europcar's business profile as it increases the group's diversification in Western Europe. Integration will be challenging, however and will be closely monitored, S&P added.

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