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Avis Budget Group Inc. Ratings Affirmed And Removed From CreditWatch Following Acquisition; The Outlook Is Stable Oct 11
Standard & Poors, Oct 2011
Abstract
On Oct. 3, 2011, U.S.-based Avis Budget Group Inc. completed its acquisition of U.K.-based car renter Avis Europe PLC. We are affirming our ratings on Avis Budget, including the 'B+' corporate credit rating, and removing them from CreditWatch, where we placed them with negative implications on June 14, 2011, when Avis Budget announced it had reached an agreement to acquire Avis Europe for a combination of cash, equity, and debt. The outlook is stable, reflecting our expectations that the combined entity's revenues, earnings, and cash flow will offset the incremental debt, resulting in relatively consistent credit metrics. NEW YORK (Standard & Poor's) Oct. 3, 2011--Standard & Poor's Ratings Services said today that it has affirmed its ratings, including the 'B+'...
Companies mentioned in this report are: Avis Budget Group Inc.,Dollar Thrifty Automotive Group Inc.,Hertz Global Holdings Inc.
Action: Affirmed
Action: Outlook: Stable
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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