S&P affirms Avis

Standard & Poor's said it affirmed its ratings on Avis Budget Group Inc., including affirming the CCC+ long-term corporate credit rating.

At the same time, the agency said it lowered its ratings on the company's credit facility to CCC+ from B, the same as the corporate credit rating on the company.

The agency added that it revised the recovery rating on this debt to a 4 from a 1 based upon its expectation that the credit markets will continue to require higher collateralization for secured vehicle facilities, leaving less available for the corporate secured lenders.

All ratings were removed from Creditwatch, where they were initially placed with negative implications on Jan. 25, and subsequently lowered three times, and maintained on Creditwatch, the agency said.

The outlook is now developing.

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