The ratings on Avis Budget Group Inc. reflect the company's "aggressive" financial profile, the price competitive and cyclical nature of on-airport car rentals, and a significant amount of secured assets. The ratings also incorporate the company's position as one of the largest global car rental companies, the relatively stable cash flow the business generates, and Standard&Poor's Ratings Services' expectation that Avis Budget's operating performance will continue to improve. Similar to most other car rental companies, Avis Budget (parent of the Avis and Budget car rental brands and the Budget consumer truck rental brand) has an aggressive financial profile. This is primarily due to the capital intensity of the car rental business, which in large part is debt financed
