London, 26 May 2015 -- Moody's Investors Service, ("Moody's") has today placed all ratings of Europcar Groupe S.A. (Europcar or the company) under review for upgrade, including the B3 corporate family rating (CFR) and B3-PD probability of default rating (PDR). The Caa1 rating on the EUR324 million Senior Subordinated Secured Notes due 2017 issued by Europcar Bond Funding Limited and the Caa2 rating on the EUR400 million Senior Subordinated Notes due 2018 (together the old Notes) issued by Europcar, and the B3 rating on the EUR350 million Senior Secured Notes due 2021 issued by EC Finance Plc are under review for upgrade. Concurrently, Moody's has assigned a provisional (P)B3 rating with a stable outlook on the new EUR475 million Senior Notes (the Senior Notes) to be raised by Europcar Notes Limited. This rating is not placed on review for upgrade, which reflects an expectation of a B1 CFR. If the IPO is not executed Moody's expects that this rating would be withdrawn as the bond will be repaid from the escrow account. The B3 rating on the EUR350 million Senior Secured Notes due 2021 issued by EC Finance Plc might be upgraded by one notch if the IPO is executed and the CFR is raised to B1 but should remain below the CFR considering its subordination to other bank facilities.

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