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Moody's upgrades Europcar Mobility
Moody's Investors Service said it upgraded Europcar Mobility Group SA's (EMG) corporate family rating to B2 from B3 and the probability of default rating to B2-PD from B3-PD.
Concurrently, Moody's upgraded the rating on the backed senior secured notes due in 2026 issued by EC Finance plc to Ba3 from B1.
The outlook on both Europcar and EC Finance was changed to stable from positive.
“Today's upgrade of the CFR to B2 reflects the significant improvement in revenue and profitability demonstrated in 2022, with Moody's adjusted EBITDA margin expected to increase to 37%, from 32% in 2021,” Moody’s said in a news release.
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