On Dec. 23, 2008, Standard&Poor's Ratings Services said its ratings on Avis Budget Group Inc., including its 'CCC+' corporate credit rating, remained on CreditWatch with developing implications, where it placed them the day before. Avis Budget also announced that it had received commitments to renew its $1.45 billion asset-backed (ABS) conduit facility that matures Dec. 26, 2008, and its $1 billion seasonal ABS conduit facility that matures in February 2009. It announced, too, its launching of an amendment to replace the leverage and interest coverage ratios in its corporate credit facility with a minimum EBITDA covenant. Our Dec. 22, 2008, lowering of the corporate credit rating to 'CCC+/Watch Dev/--' from 'B+/Watch Neg/--' had assumed the successful completion of
