On Jan. 6, 2009, Standard&Poor's Ratings Services said its ratings on Avis Budget Group Inc. and Avis Budget Car Rental LLC, including the 'CCC+' long-term corporate credit ratings on both entities, remain on CreditWatch, but the implications have been revised to positive from developing, where they were placed on Dec. 22, 2008. On Dec. 23, 2008, car rental company Avis Budget received commitments to renew its asset-backed (ABS) bank conduit facility and its ABS seasonal conduit facility, both of which it uses to finance cars for its rental fleet. The company also announced on that date that it had completed an amendment to its corporate credit facility to replace the leverage and interest coverage ratios with a minimum
