S&P downgrades Europcar

Standard & Poor's said it lowered the long-term corporate credit rating on Europcar Groupe SA to B+ from BB-.

The outlook is negative.

"The downgrade reflects our expectation that in the current market environment the company is unlikely to improve financial ratios to levels consistent with the previous rating by year's end and during 2009," S&P analyst Anna Stegert said in a statement.

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