Moody's gives B1 to Avis notes

Moody's Investors Service said it assigned a B1 rating to Avis Budget Finance plc’s new notes. The issuer is a wholly owned subsidiary of Avis Budget Car Rental, LLC, which will guarantee the notes.

The parent’s other ratings are unaffected, including the Ba3 corporate family rating, the Ba1 senior secured rating, and the B1 senior unsecured rating. The B1 rating on Avis Budget Finance’s outstanding senior unsecured notes is also unaffected.

The proceeds will be used to redeem all of Avis Budget Finance’s outstanding 4 1/8% senior unsecured notes due November 2024. Any remainder will be used for general corporate purposes, which may include repayment of indebtedness.

The outlook is stable.

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