Moody's downgrades Europcar

Moody's Investors Service said it lowered the corporate family rating of Europcar Groupe SA to B3 from B2. Concurrently, Moody's said it downgraded EC Finance plc's senior secured notes to B3, and Europcar Groupe SA's senior subordinated secured floating-rate notes to Caa1 and senior subordinated unsecured notes to Caa2.

The outlook is stable.

"The downgrade of Europcar's corporate family rating to B3 reflects Moody's developing concerns over the group's liquidity profile in light of the significant refinancing requirements over the next 18 months, combined with expectations of continued high leverage in the context of a challenging economic environment," Sebastien Cieniewski, Moody's lead analyst for Europcar, said in a news release.

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