Moody’s assigns Avis Budget notes B3

Moody’s Investors Service said it assigned a B3 rating to Avis Budget Car Rental, LLC’s issuance of $350 million of senior unsecured notes.

“The B3 rating of the notes reflect the pari passu ranking with Avis’ other senior unsecured debt,” the agency said in a press release.

Proceeds will be used to redeem $100 million of senior unsecured notes due 2023, with the remainder used to support the Avis’ liquidity position.

All other ratings are unaffected, including the corporate family rating at B2, secured credit facility at Ba2, senior unsecured debt at B3 and Avis Budget Finance plc’s senior unsecured at B3, the agency said.

The outlook is negative.

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