The ratings of Avis Budget Group Inc. and its primary operating subsidiary, Avis Budget Car Rental LLC, reflect limited operations outside the U.S., somewhat limited financial flexibility due to a significant portion of its assets secured through asset-backed financings, and a significantly smaller market position in consumer truck rentals than its major competitor. However, through its combined Avis and Budget car rental brands, the company is the largest on-airport car rental company in the U.S. Avis Budget is the remaining entity of the former Cendant Corp., after the sale and spin-off of Cendant's other businesses were completed in August 2006. Although the company's financial risk profile is aggressive, with a substantial amount of debt and a significant portion of its
