One of the largest U.S. car rental companies; Operations typically generate adequate cash flow, even during periods of earnings weakness due to the large noncash depreciation component of expenses; and Improving industry fundamentals. Highly leveraged financial profile; Significant amount of secured assets; Car rental and consumer truck rental operations tend to be very price competitive; and On-airport car rentals are subject to the level of airline travel, due to economic cyclicality and global events. The ratings on Avis Budget Group Inc. reflect the company's highly leveraged financial profile; the price-competitive and cyclical nature of on-airport car rentals; and improving (albeit still somewhat depressed) operating performance. The ratings also incorporate the company's position as a major U.S. on-airport car renter and
