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Avis Budget Car Rental LLC's Proposed Term Loans Rated 'BB' (Recovery Rating: '1') And Placed On CreditWatch Negative Aug 11
Standard & Poors, Aug 2011
Abstract
NEW YORK (Standard & Poor's) Aug. 4, 2011--Standard & Poor's Ratings Services said today that it has assigned its 'BB' issue-level ratings to Avis Budget Car Rental LLC's (Avis Budget) proposed $200 million secured term loan A and $400 million term loan B, and placed those ratings on CreditWatch with negative implications. The recovery rating on these issues is '1', indicating our expectation that lenders would receive very high (90% to 100%) recovery of principal in the event of a payment default. Avis Budget is the major operating subsidiary of Avis Budget Group Inc. At the same time, we are maintaining our 'BB' issue-level rating and '1' recovery rating on Avis Budget's $1.5 billion secured revolver maturing in 2016 (a...
Companies mentioned in this report are: Avis Budget Car Rental LLC,Avis Budget Group Inc.
Action: New Rating
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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