S&P puts Avis on watch

Standard & Poor's said that it placed the ratings, including the B+ corporate credit rating, on Avis Budget Group Inc. on CreditWatch with negative implications.

The action is based on the company's June 14 announcement that it had reached agreement to acquire Avis Europe plc for a combination of cash, equity and debt, the agency said. Avis Budget also has an outstanding offer to acquire Dollar Thrifty Automotive Group Inc.

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