NEW YORK (Standard&Poor's) Jan. 25, 2008--Standard&Poor's Ratings Services today placed its ratings on Avis Budget Group Inc., including the 'BB+' corporate credit rating, on CreditWatch with negative implications. "The CreditWatch listing reflects concerns regarding refinancing risk, the effect of a weaker economy, and potential asset impairments after several announcements made by Avis Budget [the parent of the Avis and Budget car rental brands]," said Standard&Poor's credit analyst Betsy Snyder. At Sept. 30, 2007, Parsippany, N.J.-based Avis Budget had approximately $2.5 billion of asset-backed vehicle debt due within the next year. The company has already repaid a portion from an increase in its principal asset-backed bank conduit facility that was increased in October 2007 to
