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STOCKS NEWS EUROPE-D'Ieteren hits 8-mth high on refinancing

Wed Jun 10, 2009 4:35am EDT

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Shares in Belgium's largest car distributor D'Ieteren (IETB.BR) rise 3.5 percent to 151.69 euros to an eight-month high after it says its lease fleet securitisation programme had been renewed up to 310 million euros ($437.4 million) for a three year period.

The gain outpaces the DJ STOXX European Automobile and Parts index .SXAP, which trades up about 2 percent.

"We welcome the news. Following the renewal of the securitisation programme, there are no major maturities for the group until 2011," writes KBC Securities analyst Pascale Weber.

She adds that, though group debt rose from the end of 2007 through the end of 2008, D'Ieteren has no debt covenants at the consolidated level and that majority-owned Avis Europe (AVE.L) has enough committed liquidity for the next 12 months.

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Reuters Messaging rm://anne.jolis.reuters.com@reuters.net ($1=.7087 Euro)


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