NEW YORK (Standard&Poor's) May 9, 2011--Standard&Poor's Ratings Services said today that Hertz Global Holdings' new proposal to acquire Dollar Thrifty Automotive Group Inc. (DTAG) will not immediately affect the ratings or outlook on Avis Budget Group Inc. (B+/Stable/-). On Sept. 30, 2010, DTAG's shareholders rejected Hertz's previous bid to acquire the company in favor of Avis Budget's bid. However, the Federal Trade Commission (FTC) has still not approved Avis Budget's bid. The new Hertz bid of $2.2 billion is significantly higher than the outstanding Avis Budget bid of $1.7 billion, with both bids comprised of cash and stock. Therefore, we expect that Avis Budget will have to raise its bid to remain competitive in the process.
