Following a very challenging 2008 and early 2009, Avis Budget Group Inc.'s operating performance has improved and we expect further gains over the coming year. Avis Budget is benefiting from improved industry fundamentals, cost-cutting measures, and efficiency-improvement initiatives it implemented over the past year. We are raising the company's ratings by two notches, resulting in a corporate credit rating of 'B+'. The outlook is now stable. On Feb. 2, 2010, Standard&Poor's Ratings Services raised its corporate credit rating on Avis Budget Group Inc. to 'B+' from 'B-'. We also raised the other ratings on the company by two notches, and the recovery ratings on the company's secured and unsecured debt remain unchanged. The outlook is now stable. The
