With its Oct. 3, 2011, acquisition of Avis Europe PLC, now one of the largest global car renters; and Relatively stable cash flow, even during periods of economic weakness due to its large noncash depreciation component. A significant amount of secured assets; The price-competitive nature of car and consumer truck rentals; and On-airport car rentals subject to airline travel, which can be affected by economic cyclicality and global events. The ratings on Parsippany, N.J.-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 profile and the price-competitive and cyclical nature of on-airport car rentals. The ratings also incorporate the company's position as a major
