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S&P assigns Avis Budget notes BB-
S&P said it assigned Avis Budget Finance plc's planned €400 million of senior unsecured notes due 2029 BB- issue-level and 5 recovery ratings. The company's parent, Avis Budget Group Inc., will guarantee the notes. The 5 recovery rating indicates modest (10%-30%; rounded estimate: 15%) recovery in default.
The ratings are in line with those on Avis’ outstanding senior unsecured notes.
Avis will use the proceeds to redeem its 4¾% senior notes due 2026 and apply the rest toward general corporate purposes, which may include repaying debt.
The outlook is stable.
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