| Add to balance / Manage account | User: | Log out |
| Prospect News home > News index > List of issuers A > Headlines for Avis Budget Group, Inc. > News item |
Fitch lowers Avis Budget
Fitch Ratings said it has downgraded Avis Budget Group's issuer default rating and debt ratings as follows: Avis Budget Car Rental, LLC's issuer default rating to B+ from BB-; senior secured debt to BB-/RR3 from BB+; senior unsecured debt to B-/RR6 from B+; and Avis Budget Group, Inc.'s issuer default rating to B+ from BB-.
The outlook is negative.
According to Fitch, the downgrade reflects the impact of what could be an extended downturn in the travel industry on Avis Budget's profitability and capitalization.
A decline in rental demand, higher funding costs, and rising per-unit fleet expenses will pressure earnings throughout 2009, the agency said.
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.