S&P gives Avis Budget notes B

Standard & Poor's said it assigned its B rating to Avis Budget Finance plc's €250 million notes due 2021. The recovery rating is 5.

The company will use proceeds to partially fund the acquisition of car sharer Zipcar Inc., which Avis Budget announced that it would acquire on Jan. 2.

S&P said its ratings on Avis Budget (parent of the Avis and Budget car rental brands and the Budget consumer truck rental brand) reflect the company's "aggressive" financial profile, the price competitive and cyclical nature of on-airport car rentals and a significant amount of secured assets.

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