S&P rates Hertz Global Holdings loans BB-, B+

S&P said it assigned a B issuer credit rating to Hertz Global Holdings Inc., a BB- issue-level rating and 1 recovery rating to its proposed senior secured term loan C, and a B+ issue-level rating and 2 recovery rating to its proposed senior secured credit facility, which includes a revolving credit facility and a term loan B.

The 1 recovery rating on the term loan C and the 2 recovery rating on the senior secured facility indicate an expectation for very high recovery (90%-100%; rounded estimate: 95%) and substantial recovery (70%-90%; rounded estimate: 85%), respectively, in the event of a payment default.

“The stable outlook reflects our expectation that the company's operating performance will improve in 2021 and thereafter,” S&P said in a news release.

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