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Q3 2009 Earnings Conference Call Summary</ccbn:storetitle><ccbn:ticker xmlns:ccbn="http://www.alacra.com/ccbn">CAR</ccbn:ticker><ccbn:time xmlns:ccbn="http://www.alacra.com/ccbn">9:00am ET</ccbn:time><title>Avis Budget Group, Inc. Q3 2009 Earnings Conference Call Summary</title><ccbn:type xmlns:ccbn="http://www.alacra.com/ccbn">Brief</ccbn:type><description>...John Healy Northcoast Research - Analyst Emily Shanks Barclays Capital - Analyst Yilma Abebe JPMorgan Securities - Analyst Michael Millman Millman Research Associates - Analyst...

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Chief Financial Officer and Executive Vice President, and David Crowther, Vice President of Investor Relations. And now I will turn it over to David Wyshner. David Wyshner - Avis Budget Group, Inc. - CFO,EVP Thanks, Tom, and good morning, everyone. I very much appreciate the opportunity to meet with you to discuss Avis Budget Group, and would like to thank Deutsche Bank for inviting us to present at this conference. Our presentation today is intended to provide a brief overview of our business and then focus on a few key issues, such as our cost saving initiatives, our vehicle fleet, the progress we've made on the financing strategy we laid out in the spring and recent trends in our business. Along the way, I hope my confidence and optimism about what we are doing and how our business profile has strengthened are evident. This presentation contains forward-looking...

</description><category>Credit &amp; Investment Research</category><alacra:ip>Thomson StreetEvents</alacra:ip></item><item><link>http://www.alacrastore.com/storecontent/ccbn/B2353986</link><ccbn:docid xmlns:ccbn="http://www.alacra.com/ccbn">B2353986</ccbn:docid><guid isPermaLink="false">ccbn/B2353986</guid><ccbn:index_mode xmlns:ccbn="http://www.alacra.com/ccbn">norm</ccbn:index_mode><pubDate>05 Aug 2009 03:16:00 EST</pubDate><ccbn:eventid xmlns:ccbn="http://www.alacra.com/ccbn">2353986</ccbn:eventid><ccbn:headline xmlns:ccbn="http://www.alacra.com/ccbn">Edited Brief of CAR earnings conference call or presentation, 5-Aug-09 9:00am ET</ccbn:headline><ccbn:name xmlns:ccbn="http://www.alacra.com/ccbn">Avis Budget Group, Inc.</ccbn:name><ccbn:price xmlns:ccbn="http://www.alacra.com/ccbn">54.0000</ccbn:price><ccbn:revision xmlns:ccbn="http://www.alacra.com/ccbn">Edited</ccbn:revision><ccbn:storetitle xmlns:ccbn="http://www.alacra.com/ccbn">Avis Budget Group, Inc. Q2 2009 Earnings Conference Call Summary</ccbn:storetitle><ccbn:ticker xmlns:ccbn="http://www.alacra.com/ccbn">CAR</ccbn:ticker><ccbn:time xmlns:ccbn="http://www.alacra.com/ccbn">9:00am ET</ccbn:time><title>Avis Budget Group, Inc. Q2 2009 Earnings Conference Call Summary</title><ccbn:type xmlns:ccbn="http://www.alacra.com/ccbn">Brief</ccbn:type><description>...Jeff Kessler Imperial Capital - Analyst Brian Johnson Barclay's Capital - Analyst Emily Shanks Barclays Capital - Analyst Yilma Abebe - Analyst OVERVIEW...

</description><category>Credit &amp; Investment Research</category><alacra:ip>Thomson StreetEvents</alacra:ip></item><item><link>http://www.alacrastore.com/storecontent/ccbn/T2353986</link><ccbn:docid xmlns:ccbn="http://www.alacra.com/ccbn">T2353986</ccbn:docid><guid isPermaLink="false">ccbn/T2353986</guid><ccbn:index_mode xmlns:ccbn="http://www.alacra.com/ccbn">norm</ccbn:index_mode><pubDate>05 Aug 2009 10:14:00 EST</pubDate><ccbn:eventid xmlns:ccbn="http://www.alacra.com/ccbn">2353986</ccbn:eventid><ccbn:headline xmlns:ccbn="http://www.alacra.com/ccbn">Final Transcript of CAR earnings conference call or presentation, 5-Aug-09 9:00am ET</ccbn:headline><ccbn:name xmlns:ccbn="http://www.alacra.com/ccbn">Avis Budget Group, Inc.</ccbn:name><ccbn:price xmlns:ccbn="http://www.alacra.com/ccbn">54.0000</ccbn:price><ccbn:revision xmlns:ccbn="http://www.alacra.com/ccbn">Final</ccbn:revision><ccbn:storetitle xmlns:ccbn="http://www.alacra.com/ccbn">Avis Budget Group, Inc. Q2 2009 Earnings Conference Call Transcript</ccbn:storetitle><ccbn:ticker xmlns:ccbn="http://www.alacra.com/ccbn">CAR</ccbn:ticker><ccbn:time xmlns:ccbn="http://www.alacra.com/ccbn">9:00am ET</ccbn:time><title>Avis Budget Group, Inc. Q2 2009 Earnings Conference Call Transcript</title><ccbn:type xmlns:ccbn="http://www.alacra.com/ccbn">Transcript</ccbn:type><description>...Jeff Kessler Imperial Capital - Analyst Brian Johnson Barclay's Capital - Analyst Emily Shanks Barclays Capital - Analyst Yilma Abebe - Analyst P R E S E N T A T I O N...

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Investment Research</category><alacra:ip>S&amp;P Credit Research</alacra:ip></item><item><link>http://www.alacrastore.com/storecontent/spcred/716384</link><guid isPermaLink="false">spcred/716384</guid><spcred:index_mode xmlns:spcred="http://www.alacra.com/spcred">norm</spcred:index_mode><spcred:docid xmlns:spcred="http://www.alacra.com/spcred">716384</spcred:docid><description>The latest News from S&amp;P</description><spcred:dataset xmlns:spcred="http://www.alacra.com/spcred">global</spcred:dataset><pubDate>17 Apr 2009 06:55:00 EST</pubDate><spcred:price xmlns:spcred="http://www.alacra.com/spcred">100</spcred:price><title>Avis Budget Group 'CCC+' Rating Affirmed, Off Watch; Outlook Developing</title><spcred:type xmlns:spcred="http://www.alacra.com/spcred">News</spcred:type><spcred:index_entry_dispcountry xmlns:spcred="http://www.alacra.com/spcred">United States</spcred:index_entry_dispcountry><spcred:index_entry_dispgics xmlns:spcred="http://www.alacra.com/spcred">Trucking</spcred:index_entry_dispgics><spcred:index_entry_dispregion xmlns:spcred="http://www.alacra.com/spcred">United States</spcred:index_entry_dispregion><spcred:index_entry_dispsector xmlns:spcred="http://www.alacra.com/spcred">Corporations</spcred:index_entry_dispsector><spcred:index_entry_dispsector xmlns:spcred="http://www.alacra.com/spcred">Global Issuers</spcred:index_entry_dispsector><spcred:index_entry_dispsector xmlns:spcred="http://www.alacra.com/spcred">High Technology</spcred:index_entry_dispsector><spcred:index_entry_dispsector xmlns:spcred="http://www.alacra.com/spcred">Retail</spcred:index_entry_dispsector><spcred:index_entry_disptype xmlns:spcred="http://www.alacra.com/spcred">News</spcred:index_entry_disptype><spcred:index_entry_primcountry xmlns:spcred="http://www.alacra.com/spcred">USA</spcred:index_entry_primcountry><spcred:index_entry_primcusip xmlns:spcred="http://www.alacra.com/spcred">053774</spcred:index_entry_primcusip><spcred:index_entry_primgics xmlns:spcred="http://www.alacra.com/spcred">20304020 203040 2030 20</spcred:index_entry_primgics><spcred:index_entry_primissuer xmlns:spcred="http://www.alacra.com/spcred">Avis Budget Group Inc.</spcred:index_entry_primissuer><spcred:index_entry_primissuerid xmlns:spcred="http://www.alacra.com/spcred">412953</spcred:index_entry_primissuerid><spcred:index_entry_primreg xmlns:spcred="http://www.alacra.com/spcred">USA</spcred:index_entry_primreg><spcred:index_entry_primticker xmlns:spcred="http://www.alacra.com/spcred">CAR</spcred:index_entry_primticker><spcred:index_entry_reporttype xmlns:spcred="http://www.alacra.com/spcred">NEWS</spcred:index_entry_reporttype><spcred:index_entry_sector xmlns:spcred="http://www.alacra.com/spcred">GLOBISS</spcred:index_entry_sector><spcred:index_entry_sector xmlns:spcred="http://www.alacra.com/spcred">CORP</spcred:index_entry_sector><spcred:index_entry_sector xmlns:spcred="http://www.alacra.com/spcred">LEVFIN</spcred:index_entry_sector><spcred:index_entry_sector xmlns:spcred="http://www.alacra.com/spcred">High</spcred:index_entry_sector><spcred:index_entry_sector xmlns:spcred="http://www.alacra.com/spcred">Retail</spcred:index_entry_sector><category>Credit &amp; Investment Research</category><alacra:ip>S&amp;P Credit Research</alacra:ip></item><item><link>http://www.alacrastore.com/storecontent/spcred/627710</link><guid isPermaLink="false">spcred/627710</guid><spcred:index_mode xmlns:spcred="http://www.alacra.com/spcred">norm</spcred:index_mode><description>The latest Research Update from S&amp;P</description><spcred:dataset xmlns:spcred="http://www.alacra.com/spcred">structured</spcred:dataset><pubDate>27 Jan 2009 03:03:40 EST</pubDate><spcred:price xmlns:spcred="http://www.alacra.com/spcred">175</spcred:price><title>Research Update: CORRECT: Avis Budget Group Inc. 'BB+' CCR On Watch Negative After Company Announcements</title><spcred:type xmlns:spcred="http://www.alacra.com/spcred">Research Update</spcred:type><spcred:index_entry_dispcountry xmlns:spcred="http://www.alacra.com/spcred">United States</spcred:index_entry_dispcountry><spcred:index_entry_dispgics xmlns:spcred="http://www.alacra.com/spcred">Trucking</spcred:index_entry_dispgics><spcred:index_entry_dispregion xmlns:spcred="http://www.alacra.com/spcred">United States</spcred:index_entry_dispregion><spcred:index_entry_dispsector xmlns:spcred="http://www.alacra.com/spcred">Global Issuers</spcred:index_entry_dispsector><spcred:index_entry_dispsector xmlns:spcred="http://www.alacra.com/spcred">Structured Finance</spcred:index_entry_dispsector><spcred:index_entry_dispsector xmlns:spcred="http://www.alacra.com/spcred">Corporations</spcred:index_entry_dispsector><spcred:index_entry_dispsector xmlns:spcred="http://www.alacra.com/spcred">Asset-Backed Securities</spcred:index_entry_dispsector><spcred:index_entry_dispsector xmlns:spcred="http://www.alacra.com/spcred">High Technology</spcred:index_entry_dispsector><spcred:index_entry_dispsector xmlns:spcred="http://www.alacra.com/spcred">Retail</spcred:index_entry_dispsector><spcred:index_entry_disptype xmlns:spcred="http://www.alacra.com/spcred">Research Update</spcred:index_entry_disptype><spcred:index_entry_excerpt xmlns:spcred="http://www.alacra.com/spcred">On Jan. 25, 2008, Standard&amp;Poor's Ratings Services placed its ratings on Avis Budget Group Inc., including the 'BB+' corporate credit rating, on CreditWatch with negative implications. The CreditWatch listing reflects concerns regarding refinancing risk, the effect of a weaker economy, and potential asset impairments after several announcements made by Avis Budget (the parent of the Avis and Budget car rental brands). At Sept. 30, 2007, Parsippany, N.J.-based Avis Budget had approximately $2.5 billion of asset-backed vehicle debt due within the next year. The company has already repaid a portion from an increase in its principal asset-backed bank conduit facility that was increased in October 2007 to $1.5 billion from $1 billion. It is also in the process of</spcred:index_entry_excerpt><spcred:index_entry_primcountry xmlns:spcred="http://www.alacra.com/spcred">USA</spcred:index_entry_primcountry><spcred:index_entry_primcusip xmlns:spcred="http://www.alacra.com/spcred">053774</spcred:index_entry_primcusip><spcred:index_entry_primgics xmlns:spcred="http://www.alacra.com/spcred">20304020 203040 2030 20</spcred:index_entry_primgics><spcred:index_entry_primissuer xmlns:spcred="http://www.alacra.com/spcred">Avis Budget Group Inc.</spcred:index_entry_primissuer><spcred:index_entry_primissuerid xmlns:spcred="http://www.alacra.com/spcred">412953</spcred:index_entry_primissuerid><spcred:index_entry_primreg xmlns:spcred="http://www.alacra.com/spcred">USA</spcred:index_entry_primreg><spcred:index_entry_primticker xmlns:spcred="http://www.alacra.com/spcred">CAR</spcred:index_entry_primticker><spcred:index_entry_reporttype xmlns:spcred="http://www.alacra.com/spcred">RESUPD</spcred:index_entry_reporttype><spcred:index_entry_seccountry xmlns:spcred="http://www.alacra.com/spcred">USA</spcred:index_entry_seccountry><spcred:index_entry_seccusip xmlns:spcred="http://www.alacra.com/spcred">053773</spcred:index_entry_seccusip><spcred:index_entry_seccusip xmlns:spcred="http://www.alacra.com/spcred">05377J</spcred:index_entry_seccusip><spcred:index_entry_secgics xmlns:spcred="http://www.alacra.com/spcred">20304020 203040 2030 20</spcred:index_entry_secgics><spcred:index_entry_secissuer xmlns:spcred="http://www.alacra.com/spcred">Avis Budget Car Rental, LLC</spcred:index_entry_secissuer><spcred:index_entry_secissuerid xmlns:spcred="http://www.alacra.com/spcred">380295</spcred:index_entry_secissuerid><spcred:index_entry_secreg xmlns:spcred="http://www.alacra.com/spcred">USA</spcred:index_entry_secreg><spcred:index_entry_sector xmlns:spcred="http://www.alacra.com/spcred">GLOBISS</spcred:index_entry_sector><spcred:index_entry_sector xmlns:spcred="http://www.alacra.com/spcred">STRUC</spcred:index_entry_sector><spcred:index_entry_sector xmlns:spcred="http://www.alacra.com/spcred">CORP</spcred:index_entry_sector><spcred:index_entry_sector xmlns:spcred="http://www.alacra.com/spcred">LEVFIN</spcred:index_entry_sector><spcred:index_entry_sector xmlns:spcred="http://www.alacra.com/spcred">ABS</spcred:index_entry_sector><spcred:index_entry_sector xmlns:spcred="http://www.alacra.com/spcred">High</spcred:index_entry_sector><spcred:index_entry_sector xmlns:spcred="http://www.alacra.com/spcred">Retail</spcred:index_entry_sector><category>Credit &amp; Investment Research</category><alacra:ip>S&amp;P Credit Research</alacra:ip></item><item><link>http://www.alacrastore.com/storecontent/spcred/561717</link><guid isPermaLink="false">spcred/561717</guid><spcred:index_mode xmlns:spcred="http://www.alacra.com/spcred">norm</spcred:index_mode><description>The latest Research Update from S&amp;P</description><spcred:dataset xmlns:spcred="http://www.alacra.com/spcred">structured</spcred:dataset><pubDate>27 Jan 2009 03:03:25 EST</pubDate><spcred:price xmlns:spcred="http://www.alacra.com/spcred">175</spcred:price><title>Research Update: Avis Budget Group Inc. Assigned 'BB+' CCR, Stable; Company To Guarantee Sub's Notes</title><spcred:type xmlns:spcred="http://www.alacra.com/spcred">Research Update</spcred:type><spcred:index_entry_dispcountry xmlns:spcred="http://www.alacra.com/spcred">United States</spcred:index_entry_dispcountry><spcred:index_entry_dispgics xmlns:spcred="http://www.alacra.com/spcred">Trucking</spcred:index_entry_dispgics><spcred:index_entry_dispregion xmlns:spcred="http://www.alacra.com/spcred">United States</spcred:index_entry_dispregion><spcred:index_entry_dispsector xmlns:spcred="http://www.alacra.com/spcred">Global Issuers</spcred:index_entry_dispsector><spcred:index_entry_dispsector xmlns:spcred="http://www.alacra.com/spcred">Structured Finance</spcred:index_entry_dispsector><spcred:index_entry_dispsector xmlns:spcred="http://www.alacra.com/spcred">Corporations</spcred:index_entry_dispsector><spcred:index_entry_dispsector xmlns:spcred="http://www.alacra.com/spcred">Asset-Backed Securities</spcred:index_entry_dispsector><spcred:index_entry_dispsector xmlns:spcred="http://www.alacra.com/spcred">High Technology</spcred:index_entry_dispsector><spcred:index_entry_dispsector xmlns:spcred="http://www.alacra.com/spcred">Retail</spcred:index_entry_dispsector><spcred:index_entry_disptype xmlns:spcred="http://www.alacra.com/spcred">Research Update</spcred:index_entry_disptype><spcred:index_entry_excerpt xmlns:spcred="http://www.alacra.com/spcred">On Feb. 12, 2007, Standard&amp;Poor's Ratings Services assigned its 'BB+' corporate credit rating to Avis Budget Group Inc., parent of Avis Budget Car Rental LLC (BB+/Stable/--). The rating assignment follows Avis Budget Group's Feb. 9, 2007, announcement that it will now guarantee Avis Budget Car Rental's unsecured notes. The ratings on both entities are the same since Avis Budget Car Rental is the primary operating subsidiary of Avis Budget Group. The outlook is stable. Ratings on Avis Budget Group Inc. and its primary operating subsidiary, Avis Budget Car Rental LLC, reflect the strong position of the Avis and Budget car rental brands within the North American on-airport car rental market and access to fleet financings through asset-backed securitizations.</spcred:index_entry_excerpt><spcred:index_entry_primcountry xmlns:spcred="http://www.alacra.com/spcred">USA</spcred:index_entry_primcountry><spcred:index_entry_primcusip xmlns:spcred="http://www.alacra.com/spcred">053774</spcred:index_entry_primcusip><spcred:index_entry_primgics xmlns:spcred="http://www.alacra.com/spcred">20304020 203040 2030 20</spcred:index_entry_primgics><spcred:index_entry_primissuer xmlns:spcred="http://www.alacra.com/spcred">Avis Budget Group Inc.</spcred:index_entry_primissuer><spcred:index_entry_primissuerid xmlns:spcred="http://www.alacra.com/spcred">412953</spcred:index_entry_primissuerid><spcred:index_entry_primreg xmlns:spcred="http://www.alacra.com/spcred">USA</spcred:index_entry_primreg><spcred:index_entry_primticker xmlns:spcred="http://www.alacra.com/spcred">CAR</spcred:index_entry_primticker><spcred:index_entry_reporttype xmlns:spcred="http://www.alacra.com/spcred">RESUPD</spcred:index_entry_reporttype><spcred:index_entry_seccountry xmlns:spcred="http://www.alacra.com/spcred">USA</spcred:index_entry_seccountry><spcred:index_entry_seccusip xmlns:spcred="http://www.alacra.com/spcred">053773</spcred:index_entry_seccusip><spcred:index_entry_seccusip xmlns:spcred="http://www.alacra.com/spcred">05377J</spcred:index_entry_seccusip><spcred:index_entry_secgics xmlns:spcred="http://www.alacra.com/spcred">20304020 203040 2030 20</spcred:index_entry_secgics><spcred:index_entry_secissuer xmlns:spcred="http://www.alacra.com/spcred">Avis Budget Car Rental, LLC</spcred:index_entry_secissuer><spcred:index_entry_secissuerid xmlns:spcred="http://www.alacra.com/spcred">380295</spcred:index_entry_secissuerid><spcred:index_entry_secreg xmlns:spcred="http://www.alacra.com/spcred">USA</spcred:index_entry_secreg><spcred:index_entry_sector xmlns:spcred="http://www.alacra.com/spcred">GLOBISS</spcred:index_entry_sector><spcred:index_entry_sector xmlns:spcred="http://www.alacra.com/spcred">STRUC</spcred:index_entry_sector><spcred:index_entry_sector xmlns:spcred="http://www.alacra.com/spcred">CORP</spcred:index_entry_sector><spcred:index_entry_sector xmlns:spcred="http://www.alacra.com/spcred">LEVFIN</spcred:index_entry_sector><spcred:index_entry_sector xmlns:spcred="http://www.alacra.com/spcred">ABS</spcred:index_entry_sector><spcred:index_entry_sector xmlns:spcred="http://www.alacra.com/spcred">High</spcred:index_entry_sector><spcred:index_entry_sector xmlns:spcred="http://www.alacra.com/spcred">Retail</spcred:index_entry_sector><category>Credit &amp; Investment Research</category><alacra:ip>S&amp;P Credit Research</alacra:ip></item><item><link>http://www.alacrastore.com/storecontent/spcred/565308</link><guid isPermaLink="false">spcred/565308</guid><spcred:index_mode xmlns:spcred="http://www.alacra.com/spcred">norm</spcred:index_mode><description>The latest Full Report from S&amp;P</description><spcred:dataset xmlns:spcred="http://www.alacra.com/spcred">structured</spcred:dataset><pubDate>27 Jan 2009 03:03:25 EST</pubDate><spcred:price xmlns:spcred="http://www.alacra.com/spcred">400</spcred:price><title>Avis Budget Group Inc.</title><spcred:type xmlns:spcred="http://www.alacra.com/spcred">Full Report</spcred:type><spcred:index_entry_dispcountry xmlns:spcred="http://www.alacra.com/spcred">United States</spcred:index_entry_dispcountry><spcred:index_entry_dispgics xmlns:spcred="http://www.alacra.com/spcred">Trucking</spcred:index_entry_dispgics><spcred:index_entry_dispregion xmlns:spcred="http://www.alacra.com/spcred">United States</spcred:index_entry_dispregion><spcred:index_entry_dispsector xmlns:spcred="http://www.alacra.com/spcred">Global Issuers</spcred:index_entry_dispsector><spcred:index_entry_dispsector xmlns:spcred="http://www.alacra.com/spcred">Structured Finance</spcred:index_entry_dispsector><spcred:index_entry_dispsector xmlns:spcred="http://www.alacra.com/spcred">Corporations</spcred:index_entry_dispsector><spcred:index_entry_dispsector xmlns:spcred="http://www.alacra.com/spcred">Asset-Backed Securities</spcred:index_entry_dispsector><spcred:index_entry_dispsector xmlns:spcred="http://www.alacra.com/spcred">High Technology</spcred:index_entry_dispsector><spcred:index_entry_dispsector xmlns:spcred="http://www.alacra.com/spcred">Retail</spcred:index_entry_dispsector><spcred:index_entry_disptype xmlns:spcred="http://www.alacra.com/spcred">Full Report</spcred:index_entry_disptype><spcred:index_entry_excerpt xmlns:spcred="http://www.alacra.com/spcred">Largest on-airport car rental company in the U.S. through its combined Avis and Budget brands Access to fleet financings through asset-backed securitizations Significant portion of assets secured through asset-backed financings, limiting financial flexibility Limited car rental operations outside of the U.S. Significantly smaller market position than its major competitor in consumer truck rentals The ratings of Avis Budget Group Inc. and its primary operating subsidiary, Avis Budget Car Rental LLC, reflect limited operations outside the U.S., somewhat limited financial flexibility due to a significant portion of its assets secured through asset-backed financings, and a significantly smaller market position in consumer truck rentals than its major competitor. However, through its combined Avis and Budget car rental brands, the company is the</spcred:index_entry_excerpt><spcred:index_entry_primcountry xmlns:spcred="http://www.alacra.com/spcred">USA</spcred:index_entry_primcountry><spcred:index_entry_primcusip xmlns:spcred="http://www.alacra.com/spcred">053774</spcred:index_entry_primcusip><spcred:index_entry_primgics xmlns:spcred="http://www.alacra.com/spcred">20304020 203040 2030 20</spcred:index_entry_primgics><spcred:index_entry_primissuer xmlns:spcred="http://www.alacra.com/spcred">Avis Budget Group Inc.</spcred:index_entry_primissuer><spcred:index_entry_primissuerid xmlns:spcred="http://www.alacra.com/spcred">412953</spcred:index_entry_primissuerid><spcred:index_entry_primreg xmlns:spcred="http://www.alacra.com/spcred">USA</spcred:index_entry_primreg><spcred:index_entry_primticker xmlns:spcred="http://www.alacra.com/spcred">CAR</spcred:index_entry_primticker><spcred:index_entry_reporttype xmlns:spcred="http://www.alacra.com/spcred">FULL</spcred:index_entry_reporttype><spcred:index_entry_seccountry xmlns:spcred="http://www.alacra.com/spcred">USA</spcred:index_entry_seccountry><spcred:index_entry_seccusip xmlns:spcred="http://www.alacra.com/spcred">053773</spcred:index_entry_seccusip><spcred:index_entry_seccusip xmlns:spcred="http://www.alacra.com/spcred">05377J</spcred:index_entry_seccusip><spcred:index_entry_secgics xmlns:spcred="http://www.alacra.com/spcred">20304020 203040 2030 20</spcred:index_entry_secgics><spcred:index_entry_secissuer xmlns:spcred="http://www.alacra.com/spcred">Avis Budget Car Rental, LLC</spcred:index_entry_secissuer><spcred:index_entry_secissuerid xmlns:spcred="http://www.alacra.com/spcred">380295</spcred:index_entry_secissuerid><spcred:index_entry_secreg xmlns:spcred="http://www.alacra.com/spcred">USA</spcred:index_entry_secreg><spcred:index_entry_sector xmlns:spcred="http://www.alacra.com/spcred">GLOBISS</spcred:index_entry_sector><spcred:index_entry_sector xmlns:spcred="http://www.alacra.com/spcred">STRUC</spcred:index_entry_sector><spcred:index_entry_sector xmlns:spcred="http://www.alacra.com/spcred">CORP</spcred:index_entry_sector><spcred:index_entry_sector xmlns:spcred="http://www.alacra.com/spcred">LEVFIN</spcred:index_entry_sector><spcred:index_entry_sector xmlns:spcred="http://www.alacra.com/spcred">ABS</spcred:index_entry_sector><spcred:index_entry_sector xmlns:spcred="http://www.alacra.com/spcred">High</spcred:index_entry_sector><spcred:index_entry_sector xmlns:spcred="http://www.alacra.com/spcred">Retail</spcred:index_entry_sector><category>Credit &amp; Investment Research</category><alacra:ip>S&amp;P Credit Research</alacra:ip></item></channel></rss>