S&P upgrades Dollar Thrifty

Standard & Poor's said it raised the ratings on Dollar Thrifty Automotive Group Inc., including its corporate credit rating to B+ from B.

The upgrade reflects Dollar Thrifty's sustained improved operating and financial performance over the past year, despite relatively flat revenues, S&P said.

The agency also said it removed all of the ratings from CreditWatch, where it had initially placed them with positive implications in April after Hertz Global Holdings Inc. signed a definitive agreement to acquire Dollar Thrifty.

The outlook is stable.

Even if Hertz ultimately acquires Dollar Thrifty, the agency said it will likely affirm the ratings, unless the acquisition is substantially debt-financed.

S&P said it expects Dollar Thrifty to continue to generate consistent credit metrics through 2012.

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