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| Prospect News home > News index > List of issuers A > Headlines for Avis Budget Group, Inc. > News item |
S&P gives Avis notes B
S&P said it assigned its B issue-level rating and 5 recovery rating to Avis Budget Car Rental LLC’s and Avis Budget Finance Inc.'s planned $350 million of senior unsecured notes due 2028. Parent Avis Budget Group Inc. will guarantee the notes. The 5 recovery rating indicates an expectation for modest (10%-30%; rounded estimate: 15%) recovery in default.
The rating is in line with Avis’ other senior unsecured notes.
The company will use the proceeds to redeem its 6 3/8% senior notes due 2024.
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