S&P places Avis on negative watch

S&P said it placed its ratings for Avis Budget Group Inc., including the BB issuer rating, on CreditWatch with negative implications.

“The global spread of the coronavirus has led to a significant reduction in demand for air travel in recent weeks. Avis Budget Group Inc. is one of the largest global on-airport car renters. As a result, we expect Avis Budget's operating results to materially weaken from our prior assumptions,” said S&P in a press release.

The agency expects to resolve the CreditWatch as it learns more about the impact of coronavirus on Avis Budget's revenues, operating cash flow and financial position.

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