S&P gives Europcar notes B+

Standard & Poor's said it assigned its preliminary B+ debt rating to the proposed €250 million of senior secured notes due 2017 to be issued by special purpose vehicle EC Finance plc and guaranteed by Europcar International SASU, a subsidiary of Europcar Groupe SA (B+/negative).

At the same time, the agency said it assigned a preliminary recovery rating of 4 to this debt.

In addition, the agency said it placed the B+ issue rating on Europcar's €425 million of subordinated secured floating-rate notes due 2013 and the B issue rating on Europcar's €375 million of subordinated unsecured notes due 2014 on Creditwatch with negative implications.

Pending resolution of the Creditwatch, the recovery ratings of 4 on the floaters and five on the unsecured notes remain unchanged, the agency added.

According to S&P, the Creditwatch placement reflects its view that if Europcar completes the refinancing as proposed, the recovery prospects on the floaters and the unsecured notes will deteriorate due to the increased amount of debt ranking ahead of them.

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