S&P upgrades Avis Budget, loan, notes

S&P said it raised its ratings on Avis Budget Group Inc., including the corporate credit rating to BB from BB-.

The outlook is stable.

The agency also upgraded the issue-level ratings on the senior secured credit facility to BBB- and the senior unsecured notes to BB-. The recovery ratings remain unchanged.

At the same time, S&P removed the ratings' UCO identifier based on its reassessment of the company's credit profile under the new criteria.

S&P said the action follows its publication of updated criteria for rating operating leasing companies. The upgrade principally reflects the more favorable assessment of Avis Budget's business risk profile, which the agency now assesses as satisfactory under the new criteria, rather than the previous assessment of fair.

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