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Fitch rates Avis Budget loan BB+, notes B+
Fitch Ratings said it assigned BB+ ratings with a recovery rating of RR1 to Avis Budget Car Rental LLC's recent incremental term loan, along with a B+ rating and recovery rating of RR4 to its senior unsecured debt issuances.
The company also completed a $750 million asset-backed bond offering on March 23, which is not rated by Fitch.
The proceeds will be used to refinance the company's existing corporate debt, the agency said.
The issuances are expected to extend Avis Budget's upcoming debt maturities and lower overall interest expenses, Fitch said. The company's continued access to the capital markets and its ability to secure cheaper funding is viewed as a positive, the agency said.
The ratings of parent company Avis Budget Group, Inc. are unaffected by the issuance of these debt securities, as its overall capitalization and leverage metrics were not materially impacted, Fitch said.
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