S&P: Europcar unchanged

Standard & Poor's said it Europcar Groupe SA (BB-/stable) are unaffected by its €670 million acquisition of 100% of Vanguard EMEA.

The agency said that the acquisition will improve Europcar's diversification in Western Europe and strengthen its market position in the United Kingdom considerably, but will also increase its debt level and weaken debt-protection measures somewhat.

Nevertheless, S&P said it expects the company to still be in line with defined target ratios of funds from operations to net debt of between 12% and 15% and adjusted EBIT coverage of net interest expenses of about 1.3 times or above.

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