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Moody's downgrades CAR
Moody's Investors Service said it downgraded CAR Inc.'s corporate family and senior unsecured ratings to B1 from Ba3.
The outlook is stable.
The downgrades reflect a view that CAR's debt leverage is unlikely to improve over the next 12- to 18-months given the company's effort to maintain its leading market position by investing in an expansion of its fleet, Moody's said.
Moody's said it expects CAR to grow its fleet to by about 15% year-on-year in the next 12- to 18-months.
Rental revenue is expected to grow, along with a moderate growth in debt and EBITDA, resulting in a leverage of about 3.1x over the next 12- to 18-months, from 2.1x in 2017, the agency said.
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