...- With a faster-than-expected recovery of mobility activity in Brazil, domestic rent-a-car (RaC) companies' utilization rates have rebounded during the third quarter to the historical level of 75%-80% and average tariffs have recovered, compared with our previous forecast of a gradual recovery to pre-COVID levels in the fourth quarter of 2020. - Despite the economic fallout due to the pandemic, companies managed to maintain resilient fleet management performance and increase the used-car sales in the past few months, adjusting their RaC fleet size, which we expect will contribute to cash flow stability for the year. - Despite risks of new partial lockdowns and stalled economic recovery, we understand that companies' proven ability to adjust fleet size provides cash flow--and consequently--liquidity protection. - On Oct. 13, 2020, S&P Global Ratings revised the outlook on Simpar S.A., Movida Participat)es S.A., Companhia de Locacao das Americas S.A. (Unidas), and Vix Logistica S.A. to stable...
