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S&P lifts Europcar Mobility
S&P said it raised its long-term credit ratings on Europcar Mobility Group (Europcar) and Europcar International SASU to B from B-, as well as the issue rating on the €500 million fleet bond to B+ from B.
The recovery rating of 2 with rounded recovery prospects of 80% is unchanged.
The outlook is stable.
Green Mobility Holding SA, which is 66% owned by Volkswagen Finance Luxembourg, a fully owned subsidiary of Volkswagen AG, completed the acquisition of Europcar Mobility Group in July 2022.
“While Europcar's earnings and cash flows will likely exceed our expectations in 2022, we expect lower operating results in 2023 due to weakening consumer sentiment in Europe where the company generates 80%-85% of its revenue,” S&P said in a news release.
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