One of the largest global car rental companies; Operations typically generate relatively stable cash flow, even during periods of earnings weakness because of the large noncash depreciation component of expenses; and Improved operating performance. Aggressive financial profile; Car rental and consumer truck rental operations tend to be very price competitive; On-airport car rentals are subject to the level of airline travel because of economic cyclicality and global events; and Significant amount of secured assets. The ratings on Avis Budget Group Inc. reflect the company's "aggressive" financial profile, the price competitive and cyclical nature of on-airport car rentals, and a significant amount of secured assets. The ratings also incorporate the company's position as one of the largest global car rental companies,
