DBRS puts Avis on negative trend

DBRS placed on a negative trend and confirmed all the ratings of Avis Budget Group, Inc. and its related subsidiary Avis Budget Car Rental, LLC, including the company’s long-term issuer rating of B. With these rating actions, DBRS removed all the ratings from under review with negative implications, where they were placed on May 7.

“The negative trend reflects DBRS Morningstar’s view that the current economic downturn driven by the coronavirus disease (Covid-19) pandemic will continue to place significant pressure on the company’s rental car franchise, especially its on-airport business. The negative trend also takes into consideration that the full impact of the coronavirus pandemic remains unclear, including the severity of the disease, as well as its duration before it runs its course and the economy approaches pre-coronavirus levels,” DBRS said in a press release.

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