On Oct. 3, 2011, U.S.-based Avis Budget Group Inc. completed its acquisition of U.K.-based car renter Avis Europe PLC. We are affirming our ratings on Avis Budget, including the 'B+' corporate credit rating, and removing them from CreditWatch, where we placed them with negative implications on June 14, 2011, when Avis Budget announced it had reached an agreement to acquire Avis Europe for a combination of cash, equity, and debt. The outlook is stable, reflecting our expectations that the combined entity's revenues, earnings, and cash flow will offset the incremental debt, resulting in relatively consistent credit metrics. On Oct. 3, 2011, Standard&Poor's Ratings Services affirmed its ratings, including the 'B+' corporate credit rating, on Parsippany, N.J.-based car renter
