S&P ups Europcar to stable

Standard & Poor's said it revised the outlook on Europcar Groupe SA and its subsidiary Europcar International SASU to stable from negative and affirmed the B+ long-term corporate credit ratings.

The issue-level ratings on Europcar's various debt instruments are unchanged.

S&P revised the outlook to stable primarily to reflect the view that Europcar will likely benefit from a gradual improvement of its operating performance in the coming years, the agency said.

S&P said the successful closing of the company's refinancing over the past quarters has helped improve its liquidity.

The ratings on Europcar reflect its highly leveraged financial risk profile and its fair business risk profile as well as a price-competitive, cyclical and asset-intensive industry, the agency added.

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