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TEXT-Fitch rates Avis Budget Car Rental debt issuances
April 5, 2012 / 8:02 PM / 6 years ago

TEXT-Fitch rates Avis Budget Car Rental debt issuances

April 5 - Fitch Ratings has assigned Long-term credit ratings and Recovery
Ratings to Avis Budget Car Rental LLC's (ABC) recent incremental term loan and
senior unsecured debt issuances on March 19 and March 30, respectively. In
addition, ABC completed a $750 million asset-backed (ABS) bond offering on March
23, which has not been rated by Fitch.	
	
The proceeds of the recent debt issuances will be primarily used to refinance
ABC's existing corporate and ABS debt. The issuances are expected to extend
ABC's upcoming debt maturities and lower overall interest expenses. Fitch views
positively ABC's continued access to the capital markets and its ability to
secure cheaper funding.	
	
The Issuer Default Rating (IDR) of ABC and its parent, Avis Budget Group, Inc.
 (ABG) are unaffected by the issuance of these debt securities, as ABG's
overall capitalization and leverage metrics were not materially impacted. Fitch
affirmed the IDR and revised the Outlook to 'Positive' in its recent review of
ABG in October 2011. Fitch assigns the following Long-term credit and Recovery
ratings:	
	
Avis Budget Car Rental, LLC:	
--Senior secured: 'BB+/RR1';	
--Senior unsecured: 'B+/RR4'.	
	
Contact:	
	
Primary Analyst	
Johann Juan	
Director	
+1 312-368-3339	
Fitch, Inc.	
70 West Madison Street	
Chicago, IL 60602	
	
Secondary Analyst	
Mohak Rao, CFA	
+1 212-908-0559	
	
Committee Chairperson	
Nathan Flanders	
Managing Director	
+1 212-908-0827	
	
	
Media Relations: Brian Bertsch, New York, Tel: +1 212-908-0549, Email:
brian.bertsch@fitchratings.com.	
	
Additional information is available at 'www.fitchratings.com'. The ratings above
were solicited by, or on behalf of, the issuer, and therefore, Fitch has been
compensated for the provision of the ratings.	
	
Applicable Criteria and Related Research:	
--'Global Financial Institutions Rating Criteria' (Aug. 16, 2011);	
--'Recovery Ratings for Financial Institutions' (Aug. 16, 2011);	
--'Finance and Leasing Companies Criteria' (Dec. 12, 2011);	
--'2012 Outlook: U.S. Finance and Leasing Companies' (Dec. 19, 2011).	
	
Applicable Criteria and Related Research:	
Global Financial Institutions Rating Criteria	
Recovery Ratings for Financial Institutions	
Finance and Leasing Companies Criteria	
2012 Outlook: U.S. Finance and Leasing Companies

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