Moody's boosts Avis

Moody's Investors Service said it affirmed the B2 corporate family and probability-of-default rating of Avis Budget Car Rental LLC, its senior secured credit facility to Ba2 from Ba3 and the rating of its senior unsecured debt to B3 from Caa1.

The agency also assigned a B3 rating to the company's $400 million issuance of senior unsecured notes, the proceeds of which will be used to reduce loans under its secured credit facility.

The outlook remains positive.

Moody's said the action reflects the shift in Avis' capital structure that will result from the issuance of the new unsecured debt.

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