Avis Budget Group Inc.'s issuance of $900 million of asset-backed securities (ABS) since July 2009 and sale on Oct. 7, 2009 of $300 million senior convertible notes materially improves its liquidity. We are raising our long-term ratings on the company, including the corporate credit rating, to 'B-' from 'CCC+'. We are also raising the recovery rating on Avis Budget's corporate bank credit facility to '3' from '4'. The outlook is positive. On Oct. 12, 2009, Standard&Poor's Ratings Services raised its long-term ratings on Parsippany, N.J.-based car renter Avis Budget Group Inc., including the corporate credit rating, to 'B-' from 'CCC+'. The outlook is positive. In addition, we also raised our recovery rating on Avis Budget's $1.9 billion corporate
