...+ We expect that car renter Avis Budget Group Inc.'s credit metrics will remain consistent over the next year, as relatively stable pricing and higher vehicle residual values are offset by higher interest expense. + We are affirming our '##' corporate credit rating on Avis Budget Group. At the same time, we are raising our issue ratings on the company's senior unsecured debt to '##' from '##-' and revising our recovery rating to '4' from '5' due to an increased value of Avis' vehicle fleet net of secured debt. + The recovery rating of '4' indicates our expectation for average recovery (30%-50%; rounded estimate: 30%) in the event of a payment default. + The rating outlook is stable. We expect the company to maintain EBIT interest coverage in the mid-1x area, funds from operations (FFO) to debt in the low-20% area, and debt to capital in the high 90% area....
