Moody’s changes Avis view to negative

Moody’s Investors Service said it changed the outlook to negative from under review and confirmed the ratings of Avis Budget Car Rental, LLC and its guaranteed subsidiaries.

Moody’s confirmed the company’s B2 rating, the secured bank facility at Ba2; the senior secured notes at Ba2; the senior unsecured notes at B3 and Avis Budget Finance plc’s senior unsecured rating at B3. The speculative grade liquidity rating is raised to SGL-3 from SGL-4.

This action concludes the review for downgrade started on April 24, Moody’s said.

“The negative outlook reflects the continuing risk of a more challenging operating environment as a result of the scope of the air travel downturn; the possibility of spreading consumer economic weakness; and the potential disruption in the used car market pricing structure,” Moody’s said in a press release.

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