Europcar ratings downgraded to 'B1' from 'Ba3' - Moody's |
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Published
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Mon, 15 Oct 2007 18:27
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MUMBAI (Thomson Financial) - Moody's Investors Service downgraded the corporate family rating of Europcar Groupe SA to 'B1' from 'Ba3' due to its revised expectation that the car rental group will not meet the thresholds necessary for it to maintain a stable rating outlook in this rating category.Moody's also cut the ratings on Europcar's subordinated secured notes to 'B2' from 'B1' and its ratings on the company's senior subordinated notes to 'B3' from 'B2'. The outlook on the ratings is stable.The rating agency said the company has made progress in improving its overall profitability levels but these were not sufficient to indicate a trend towards the levels originally expected by it for the 'Ba3' rating.Moody's said the stable rating outlook incorporates its expectation that Europcar will continue to improve its operating profitability. It also anticipates the ratings agency's expectation that Europcar preserves its good financial flexibility.TFN.newsdesk@thomson.comaka/ranCOPYRIGHTCopyright Thomson Financial News Limited 2007. All rights reserved.The copying, republication or redistribution of Thomson Financial News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Financial News.
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American Water senior unsecured issuer ratings downgraded to 'Baa2' - Moody's 