NEW YORK (Standard&Poor's) Oct. 24, 2007--Standard&Poor's Ratings Services said today that Avis Budget Group Inc.'s (BB+/Stable/-) acquisition of approximately 45% of chauffeured ground transportation services provider Carey International for approximately $60 million on Oct. 23, 2007, will not affect its ratings or outlook on Avis Budget. Avis Budget funded the investment with cash on hand. At June 30, 2007, it had $227 million of unrestricted cash and $1.1 billion available under its $1.5 billion revolving credit facility that matures in 2011. Carey's revenues in 2006 were approximately $250 million compared with Avis Budget's $5.7 billion. Avis Budget also obtained a one-year option to increase its ownership stake to approximately 80%, subject to certain conditions, which would
