One of the largest global car rental companies Operates in the price competitive and cyclical on-airport car rental industry Substantial capital expenditure requirements, with the ability to reduce spending if industry or economic conditions warrant Businesses generate relatively stable cash flow, even during periods of earnings weakness Our stable outlook on Avis Budget Group Inc. reflects that we expect the company's credit metrics to remain relatively consistent through 2016, with EBITDA interest coverage in the mid-5x area, a funds from operations (FFO)-to-debt ratio in the low-20% area, and a debt-to-EBITDA metric in the mid-3x area. We could raise our rating on the company if its operating performance exceeds our expectations, such that its EBITDA interest coverage exceeds 6x and its
