NEW YORK (Standard&Poor's) Dec. 22, 2008--Standard&Poor's Ratings Services today lowered its ratings on Avis Budget Group Inc., including lowering the corporate credit rating to 'CCC+' from 'B+'. All ratings remain on CreditWatch, but the implications have been revised to developing from negative. Ratings were initially placed on CreditWatch with negative implications on Jan. 25, 2008, and subsequently lowered on July 2, 2008, and Oct. 24, 2008, and maintained on CreditWatch negative. "The downgrade is based on the company's exposure to the distressed U.S. auto manufacturers; refinancing risk due to the company's $2.45 billion of asset-backed (ABS) conduit facilities that mature through February 2009; and an expected need for covenant relief on its $2.375 billion corporate credit
