S&P lifts Europcar view

Standard & Poor's said it revised its outlook on Europcar Groupe SA and Europcar's subsidiary, Europcar International SASU, to stable from negative.

At the same time, S&P said it affirmed its B long-term corporate credit ratings on both entities.

The agency said it also affirmed its B- rating on Europcar's proposed €324 million secured subordinated notes due 2017. The recovery rating on the proposed notes remains unchanged at 5.

Finally, the agency said it affirmed its issue ratings on Europcar's various other debt instruments.

S&P said the outlook revision mainly reflects its view that Europcar no longer faces execution risk relating to its current refinancing plan following the successful placement of its €324 million notes to replace the existing €425 million floating rate notes maturing in May 2013.

© 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.