S&P cuts Europcar Mobility

S&P said it downgraded Europcar Mobility Group’s issuer rating to CC from CCC+, the revolver to CCC-, the fleet notes to CC and the senior unsecured notes to C.

“The downgrade stems from Europcar's announcement that it intends to engage in debt-restructuring negotiations. On Sept. 7, 2020, Europcar announced that it intends to commence discussions with its corporate debt creditors with the aim of restructuring its financial debt to address the sustainability of its capital structure and liquidity constraints, amid Covid-19 disruptions,” S&P said in a press release.

The outlook is negative.

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