...- The global spread of the coronavirus has led to a significant reduction in demand for air travel in recent weeks. Avis Budget Group Inc. is one of the largest global on-airport car renters. - As a result, we expect Avis Budget's operating results to materially weaken from our prior assumptions. - We expect Avis Budget, as it did during other periods of weak demand, to reduce the size of its fleet substantially through reduced vehicle purchases and increased vehicle sales. - Although air traffic may begin to recover in late 2020, a recovery could be delayed, placing further pressure on credit metrics. - On March 16, 2020, we placed all ratings on Avis Budget, including our '##' issuer credit rating, on CreditWatch with negative implications. - We expect to resolve the CreditWatch as we learn more about the impact of Coronavirus on Avis Budget's revenues, operating cash flow, and financial position....
