Moody's: Europcar notes Caa1

Moody's Investors Service said it assigned a definitive Caa1 (LGD 6, 94%) rating to the €400 million of senior subordinated notes due in 2018 issued by Europcar Groupe SA.

The final terms were in line with the draft offering, Moody's said.

The proceeds were used to fund an early repayment of €375 million worth of senior subordinated unsecured notes due in 2014, the agency said.

The rating reflects the notes' junior positioning within the company's capital structure and the fact that they have been issued at the holding company level of Europcar Groupe without any guarantees provided by operating companies or collateral, Moody's said.

The rating also considers the subordination of the senior subordinated unsecured notes to the €425 million worth of senior subordinated secured notes, which are rated B3, that also are outstanding at the holding company level, but upstream-guaranteed by some operating companies, the agency said.

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