Moody’s rates Avis notes B1

Moody's Investors Service said it assigned a B1 rating to the new backed senior unsecured notes of Avis Budget Car Rental, LLC (Avis) and Avis Budget Finance, Inc.

All other ratings of Avis are unchanged, including the Ba3 corporate family rating, the Ba1 backed senior secured rating, and the B1 backed senior unsecured rating on the outstanding notes. The B1 backed senior unsecured rating on the existing notes of Avis Budget Finance plc are also unaffected.

The proceeds will be used to redeem Avis Budget Finance’s 4˝% senior unsecured notes due 2025, repay a portion of the senior secured term loan C maturing in 2029, and for general corporate purposes.

The outlook is stable.

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