S&P rates Car Rentals loan B

Standard & Poor’s said it assigned a B long-term corporate credit rating to Car Rentals Parentco SLU, an intermediate holding company for Goldcar.

The agency also said it assigned a B rating to the group’s proposed €450 million senior secured debt, which is comprised of a €125 million revolving credit facility, €50 million term loan A and €275 million term loan B.

The 3 recovery rating on this debt indicates 50% to 70% expected default recovery.

The outlook is stable.

The ratings reflect Goldcar’s weak business risk profile, fair management and governance and aggressive financial risk profile, S&P said.

The ratings are constrained by the group’s smaller size compared with peers, its concentration in Spain and the substantial seasonality in the business, the agency said.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.