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18.05.12

March 14 - Standard & Poor's Ratings Services said today that it has assigned its 'BB' issue-level rating to Avis Budget Car Rental LLC's $500 million term loan C maturing 2019. We also assigned a '1' recovery rating to this issue to indicate our expectation that lenders would receive very high (90%-100%) recovery of principal in the event of a payment default. Avis Budget Car Rental LLC is the major operating subsidiary of Avis Budget Group Inc . The company will use proceeds to pay off existing term loan Bs. The ratings on U.S.-based Avis Budget Group Inc. (parent of the Avis and Budget car rental brands and the Budget consumer truck rental brand) reflect the company's "aggressive" financial risk profile (according to Standard & Poor's criteria definitions) and the price-competitive and cyclical nature of on-airport car rentals. The ratings also incorporate the company's position as a major global car rental company after the Oct. 3, 2011, acquisition of U.K. car renter Avis Europe PLC and the relatively stable cash flow its businesses generate, even during periods of economic weakness, due to the large noncash depreciation component of cash flow. The long-term rating outlook is stable. We expect Avis Budget's credit metrics to remain relatively consistent over the next two years as the company integrates Avis Europe's operations. We expect combined revenues, earnings, and cash flow to offset the incremental acquisition debt. We could raise the ratings if, over the next 12-18 months, Avis Budget benefits more than we currently expect from the integration, resulting in the adjusted operating margin (after depreciation) improving to greater than 15% over a sustained period. However, we consider this scenario unlikely in 2012. We also believe a ratings downgrade is unlikely, but we could take such an action if industry conditions weaken and the integration does not provide the expected benefits, causing the operating margin (after depreciation) to decline to less than 10% for a sustained period. RATINGS LIST Avis Budget Group Inc. Avis Budget Car Rental LLC Corporate credit rating B+/Stable/-- Ratings Assigned Avis Budget Car Rental LLC Senior secured $500 million term loan C due 2019 BB Recovery rating 1

Source: Reuters

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