Fitch downgrades CAR to BB-

Fitch Ratings said it downgraded CAR Inc.'s long-term issuer default rating, senior unsecured rating and the rating on the company's outstanding bonds to BB- from BB.

The outlook is stable.

The downgrades reflect weaker prospects for margin due to the company's aggressive pricing strategy, as well as declining fleet rental revenue from UCAR, CAR Inc.'s largest shareholder and biggest customer, Fitch explained.

The agency said it believes the company's ongoing and substantial related-party transactions with UCAR are a credit weakness.

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