| Add to balance / Manage account | User: | Log out |
| Prospect News home > News index > List of issuers C > Headlines for CAR Inc. > News item |
S&P rates CAR notes B-
S&P said it assigned a preliminary B- rating to CAR Inc.’s planned dollar-denominated senior unsecured notes.
Concurrently, S&P placed its CCC+ ratings for CAR and its outstanding debt on CreditWatch with positive implications.
“CAR's proposed notes issuance could reopen its access to capital markets after a year of disruption due to the Luckin Coffee probe and the pandemic. The company intends to use most of the proceeds to replenish and renew its car fleet to normalize its car rental operations. We expect CAR to spend Chinese renminbi (RMB) 2 billion-RMB 2.7 billion in net capital expenditure (capex) in 2021 to add between 5,000 and 10,000 vehicles,” S&P said in a press release.
The CreditWatch placement indicates the potential for an upgrade by one notch to B- if the notes offering and is successful and on terms that are mainly commensurate with its base case, the agency said.
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.