S&P Global Ratings published its updated criteria, ?Key Credit Factors For The Operating Leasing Industry,? on Dec. 14, 2016. We are upgrading Avis Budget Group Inc., including raising the corporate credit rating to 'BB' from 'BB-', based on our reassessment of the company's credit profile under the new criteria. We are also raising the issue-level ratings on the company's senior secured credit facility and senior unsecured notes by one notch in conjunction with the upgrade. All recovery ratings remain unchanged. At the same time, we removed the "under criteria observation" (UCO) identifier we applied Dec. 14, 2016. The outlook is stable. Despite some pricing pressure, we expect the company's credit measures to remain fairly stable, with substantial capital expenditures, but
