The ratings on 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 because a significant portion of its assets is secured through asset-backed financings, and a much smaller market position in consumer truck rentals than its major competitor. However, through its combined Avis and Budget car rental brands, the company is among the largest on-airport car rental companies in the U.S. Avis Budget is the remaining entity of the former Cendant Corp., after Cendant completed the sale and spin-off of all other businesses in August 2006. Although the company's financial risk profile is aggressive, with a substantial amount of debt and a significant portion of
