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Avis Budget Group Inc. Ratings On CreditWatch Negative After Bid To Acquire U.K.-based Avis Europe plc Jun 11
Standard & Poors, June 2011
Abstract
On June 14, 2011, U.S. auto renter Avis Budget Group Inc. (parent of the Avis and Budget car rental brands) announced it had reached agreement to acquire U.K.-based car renter Avis Europe plc for a combination of cash, equity, and debt. We believe the acquisition could weaken Avis Budget's financial profile, based on the debt used to finance the transaction and the assumption of Avis Europe's debt, while it would aid Avis Budget's global competitive position. We are placing our ratings, including the 'B+' corporate credit rating, on Avis Budget Group on CreditWatch with negative implications NEW YORK (Standard & Poor's) June 14, 2011--Standard & Poor's Ratings Services said today that it placed its ratings-including its 'B+' corporate credit rating--on...
Companies mentioned in this report are: Avis Budget Group Inc.
Action: On CreditWatch:Negative
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research type: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.
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