S&P rates Europcar notes B-

Standard & Poor's said it assigned a B- rating to the proposed €400 million of senior subordinated unsecured notes due 2018 to be issued by Europcar Groupe SA.

The issue rating is two notches below the corporate credit rating on Europcar.

The agency also assigned a recovery rating of 6 to the proposed notes, indicating 0% to 10% expected recovery in a default.

The recovery rating reflects the subordinated status of this instrument relative to the group's other debt instruments, S&P said.

The agency said it considers the proposed notes to have the weakest ranking claim of all the company's debt. This is because the proposed notes are unsecured, unguaranteed and structurally subordinated to the other instruments, S&P said.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.