Moody’s: Europcar notes B1, B3

Moody's Investors Service said it assigned a B3 instrument rating to the proposed €600 million senior unsecured notes due 2024 to be issued by Europcar Drive DAC and a provisional B1 instrument rating to the proposed €350 million senior secured notes due 2022 to be issued by EC Finance plc.

The agency also affirmed the B3 instrument rating on the outstanding €600 million senior unsecured notes due 2022 issued by Europcar Group SA, and affirmed the corporate family rating at B1 and the probability of default rating at B1-PD.

The outlook is stable.

Proceeds will mainly be used to finance the acquisition of Goldcar and to repay €120 million of revolver credit facility borrowings used for the acquisition of Buchbinder.

“We consider the increase in leverage a credit negative, however this is partially offset by the strengthening of Europcar's business profile as the leading European car rental operator and into the fast-growing leisure low cost segment,” Moody’s said in a news release.

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