S&P rates Europcar notes B-

Standard & Poor's said it affirmed its B long-term corporate credit ratings on Europcar Groupe SA and Europcar's subsidiary, Europcar International SASU. The agency said it also affirmed the issue ratings on the group's debt instruments.

The recovery ratings are unchanged and the outlook is negative.

At the same time, the agency said it assigned a B- issue rating to Europcar's proposed €335 million notes due 2017. The recovery rating on the proposed notes is 5, indicating an expectation of modest recovery in the event of a payment default.

The agency said the ratings reflect its view that Europcar still faces execution risk on its current refinancing plan. To complete the refinancing of its 2012 and 2013 debt maturities, S&P said Europcar would have to successfully place the new proposed notes to replace the existing €425 million floating rate notes maturing in May 2013.

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