Fitch Ratings has upgraded the Issuer Default Rating (IDR), senior secured, and senior unsecured ratings of Avis Budget Group, Inc. (ABG) and its various Fitch-rated subsidiaries following the completion of its auto rental and fleet leasing peer review. The Rating Outlook is Stable. RATING ACTION RATIONALE The upgrades to the IDR are supported by the strength of ABG’s dual brand strategy, its leading position within the on-airport rental market and record operating leads to 2012. ABG’s liquidity profile is powerful given increased EBITDA and operating cash generation, in addition to improved access to the capital markets. Fitch believes ABG currently has a more flexible business model than before the last downturn via its improvements in revenue and supplier diversity, operating leverage, liquidity and funding. As a result upgrade, Fitch not...
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