Avis Budget Group Inc. Management And Governance Assessment Revised To Fair From Satisfactory, Rating Affirmed

Parsippany, N.J.-based Avis Budget Group Inc. is undergoing certain management changes. We are revising our assessment of the company's management and governance to fair from satisfactory to reflect the uncertainty created by these changes. We are affirming Avis Budget's the 'BB' issuer credit rating. The stable outlook reflects our expectation that Avis Budget's credit metrics will remain consistent over the next year as its pricing improves modestly and its higher residual values are offset by elevated interest expense. We expect the company to maintain EBIT interest coverage in the mid-1x area, funds from operations (FFO) to debt of about 20%, and debt to capital in the high 90% area. NEW YORK (S&P Global Ratings) Sept. 18, 2019--We revised our assessment

...September 18, 2019 - Parsippany, N.J.-based Avis Budget Group Inc. is undergoing certain management changes. - We are revising our assessment of the company's management and governance to fair from satisfactory to reflect the uncertainty created by these changes. - We are affirming Avis Budget's the '##' issuer credit rating. - The stable outlook reflects our expectation that Avis Budget's credit metrics will remain consistent over the next year as its pricing improves modestly and its higher residual values are offset by elevated interest expense. We expect the company to maintain EBIT interest coverage in the mid-1x area, funds from operations (FFO) to debt of about 20%, and debt to capital in the high 90% area. NEW YORK (S&P Global Ratings) Sept. 18, 2019--We revised our assessment of Avis Budget Group Inc.'s management and governance to fair from satisfactory due to the management changes the company is undergoing. None of our ratings on Avis Budget were affected by the change in our...

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