Moody’s gives B1 to Avis notes

Moody's Investors Service said it gave a B1 rating to the new backed senior unsecured notes of Avis Budget Finance plc, a wholly-owned subsidiary of Avis Budget Car Rental, LLC. The parent will guarantee the new notes.

All Avis’ other ratings are unaffected, including the Ba3 corporate family rating, the Ba1 backed senior secured rating, and the B1 backed senior unsecured rating. The B1 backed senior unsecured rating on the existing notes of Avis Budget Finance plc is also unaffected, Moody’s said.

The proceeds will be used to redeem all Avis Budget Finance’s outstanding 4¾% senior unsecured notes due January 2026. The rating on the 2026 notes will be withdrawn when the notes have been repaid in full. The rest will be used for general corporate purposes, which may include repayment of debt.

The outlook is stable.

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