...January 26, 2022 - U.S.-based car renter Avis Budget Group Inc.'s credit metrics have improved significantly, due primarily to better-than-expected operating performance, and we expect results to remain solid even as rental market conditions gradually normalize over the next several years. - Therefore, we raised our issuer credit rating to '##' from 'B+'. - We raised our issue-level rating on Avis Budget's secured debt to '##+' from '##-'. The recovery rating remains '2', which indicates our expectation for substantial recovery (70%-90%, rounded estimate: 85%) in the event of a payment default. We also raised our issue-level rating on the company's unsecured debt to '##-' from 'B'. The recovery rating on this debt remains '5', which indicates our expectation for modest recovery (10%-30%, rounded estimate: 15%) in the event of a payment default. - The stable outlook on Avis Budget reflects our expectation that its improved operating performance will continue well into 2022. We expect airline...
