On Jan. 25, 2008, Standard&Poor's Ratings Services placed its ratings on Avis Budget Group Inc., including the 'BB+' corporate credit rating, on CreditWatch with negative implications. The CreditWatch listing reflects concerns regarding refinancing risk, the effect of a weaker economy, and potential asset impairments after several announcements made by Avis Budget (the parent of the Avis and Budget car rental brands). At Sept. 30, 2007, Parsippany, N.J.-based Avis Budget had approximately $2.5 billion of asset-backed vehicle debt due within the next year. The company has already repaid a portion from an increase in its principal asset-backed bank conduit facility that was increased in October 2007 to $1.5 billion from $1 billion. It is also in the process of
