Moody’s assigns Avis Budget notes B3

Moody’s Investors Service said it assigned a B3 rating to Avis Budget Car Rental, LLC’s $600 million of senior unsecured notes. All other ratings are unaffected, including the senior secured credit at Ba2 and the senior unsecured at B3 and, at Avis Budget Finance plc, the senior unsecured rating at B3. The speculative grade liquidity rating is SGL-3.

“The B3 rating of the notes reflect the pari passu ranking with Avis’ other senior unsecured debt,” Moody’s said in a press release.

Proceeds will be used to redeem the $500 million of 10˝% senior secured notes due 2025 rated Ba2 and for fees and expenses. The Ba2 rating of the 10.5% Senior Secured Notes will be withdrawn upon close.

The outlook is negative.

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