Fitch affirms, withdraws CAR

Fitch Ratings said it affirmed CAR Inc.'s long-term issuer default rating, senior unsecured rating and the ratings on its outstanding bonds at BB-.

The outlook is stable.

The agency simultaneously withdrew the ratings for commercial reasons.

Fitch said CAR's ratings continue to be supported by its number one market position in the fast-growing car rental market in China, with a sizeable fleet and revenue advantage over its largest competitor, eHi Car Services Ltd. (B+/stable).

The agency said it expects CAR's leverage and coverage ratios to remain strong, with FFO adjusted net leverage staying at 2 to 2.5 times, which is comfortable for the rating.

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