S&P gives B to Europcar notes

Standard & Poor's said it assigned its B issue rating to the proposed €350 million senior secured notes due 2021 to be issued by EC Finance plc, a special-purpose subsidiary of Europcar Groupe SA (B/stable/--). The recovery rating is 4.

At the same time, the agency affirmed the following:

• The B+ issue rating on the €300 million senior secured revolving credit facility due 2016. The recovery rating is unchanged at 2;

• The B- issue rating on the €324 million secured subordinated notes due 2017. The recovery rating is unchanged at 5; and

• The CCC+ issue rating on the €400 million unsecured subordinated notes due 2018. The recovery rating is unchanged at 6.

On completion of the refinancing, S&P will withdraw the issue and recovery ratings on the existing €350 million 9¾% senior secured notes due 2017.

The proposed senior secured notes will have essentially the same terms as the existing 9¾% notes, which the proposed notes are refinancing.

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