S&P rates Europcar bond BB, notes B-

S&P said it affirmed the B+ corporate credit rating on Europcar Groupe SA.

The outlook is stable.

The agency also said it assigned a BB rating to the proposed €350 million fleet bond.

The recovery rating is 1, indicating 90% to 100% expected default recovery.

S&P also said it assigned a B- rating to the proposed €600 million senior notes.

The recovery rating is 6, indicating 0 to 10% expected default recovery

S&P also said it affirmed the BB rating on the €500 million senior secured revolving credit facility due 2022.

The recovery rating remains at 1, indicating 90% to 100% expected default recovery.

The agency also said it affirmed the B- rating on the €600 million senior notes due 2022.

The recovery rating is unchanged at 6, indicating 0 to 10% expected default recovery.

Europcar closed its acquisition of German car rental company Buchbinder last month, S&P said, and is expected to close its acquisition of Spanish low-cost car rental company Goldcar by year-end.

The agency said it continues to think that Europcar's recent acquisitions do not affect the view of the group's business risk profile, though Goldcar and Buchbinder fit very well with Europcar's strategic objectives.

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