NEW YORK (Standard&Poor's) Dec. 23, 2008--Standard&Poor's Ratings Services said today that its ratings on Avis Budget Group Inc., including its 'CCC+' corporate credit rating, remained on CreditWatch with developing implications, where they were placed yesterday. Avis Budget announced today that it had received commitments to renew its $1.45 billion asset-backed (ABS) conduit facility that matures Dec. 26, 2008, and its $1 billion seasonal ABS conduit facility that matures in February 2009. It announced, too, its launching of an amendment to replace the leverage and interest coverage ratios in its corporate credit facility with a minimum EBITDA covenant. "Our lowering of the corporate credit rating yesterday to 'CCC+/Watch Dev/--' from 'B+/Watch Neg/--' had assumed the successful completion
