Moody's rates Europcar notes B2

Moody's Investors Service said it assigned a provisional B2 rating (LGD 4, 58%) to the issuance of up to €250 million of senior secured notes due in 2017 to be issued by EC Finance plc, a newly formed special purpose vehicle owned by a charitable trust and guaranteed by Europcar International SASU, a subsidiary of Europcar Groupe SA.

At the same time, Moody's said it affirmed Europcar Groupe SA's B2 corporate family rating and probability of default rating, the B3 rating of the company's senior subordinated secured notes and the Caa1 rating of its senior subordinated unsecured notes.

The outlook was changed from negative to stable.

"The outlook change to stable reflects the recent stabilization of Europcar's performance and the expectation of more favorable market conditions in the European rental market which together with benefits of cost reduction activities should support the generation of credit metrics more in line with the B2 rating category going forward," said Christian Hendker, Moody's lead analyst for Europcar.

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