NEW YORK (Standard&Poor's) May 13, 2014--Standard&Poor's Ratings Services today assigned its 'B+' issue-level rating to Parsippany, NJ-based car and truck renter Avis Budget Group Inc.'s (Avis Budget's) $350 million senior notes due 2022. The recovery rating is '5', indicating our expectation that lenders would receive modest recovery (10%-30%) of principal in the event of a payment default. Avis Budget Car Rental LLC and Avis Budget Finance Inc. are issuing the notes. Both companies are indirect subsidiaries of Avis Budget, and they will use the proceeds to redeem senior notes due 2019. The rating on Avis Budget reflects the company's "aggressive" financial risk profile assessment, the price-competitive and cyclical nature of on-airport car rentals, and the company's
