Credit FAQ: What's Behind Standard & Poor's Recent Rating Actions On Hertz Global Holdings And Dollar Thrifty Automotive Group? Jan 12

Standard & Poors, January 2012

Abstract
On Dec. 22, 2011, Standard & Poor's Ratings Services affirmed its 'B+' corporate credit ratings on U.S.-based car renter Hertz Global Holdings Inc. and its major operating subsidiary Hertz Corp. (parent of the Hertz and Advantage brands). We removed the ratings from CreditWatch, where we had placed them with negative implications on May 9 after Hertz announced a revised bid to acquire Dollar Thrifty Automotive Group Inc. Hertz withdrew its exchange offer to acquire DTAG's shares on Oct. 27 but has indicated that it remains interested in acquiring DTAG. Also on Dec. 22, we raised our corporate credit rating on Dollar Thrifty Automotive Group Inc. (DTAG, the parent of the Dollar and Thrifty brands) to 'B+' from 'B'. We removed...

Companies mentioned in this report are: Hertz Corp.,Enterprise Holdings Inc.,Avis Budget Group Inc.,Dollar Thrifty Automotive Group Inc.,Hertz Global Holdings Inc.

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: Commentary
Criteria articles describe the thought process and methodology Standard & Poor's analysts use in determining ratings. These commentary pieces discuss both the quantitative (economic and financial) and qualitative (business analysis and caliber of management) aspects of the analysis, as well as legal issues.

Hertz Corp.,Enterprise Holdings Inc.,Avis Budget Group Inc.,Dollar Thrifty Automotive Group Inc.,Hertz Global Holdings Inc.

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