Fitch Cuts Hertz Rating

Fitch Ratings has downgraded Hertz Corp. debt rating to “BB-” from “BB,” according to the Associated Press.

Fitch cited the “deterioration in the rental car market and some near-term refinancing risk” as the reason for the cut.

The ratings company said it expects Hertz to refinance $4.3 million in debt maturing in 2010; however, it is expected to come at much higher costs.

If rental car demand falls more or Hertz’s balance sheet is further pressured, there is a chance that the rating could be cut further.

Comment On This Story

Name:  
Email:  
Comment: (Max. 10000 characters)  
Please leave blank:
* Please note that every comment is moderated.

 
 

Newsletter: Sign up to receive latest news, articles, and much more.

Read the latest

Auto Focus Blog: A blog covering fleets, auto rental and the business of cars

Car Rental Rates Up, Fleet Sales Down — Correlation?

Car rental companies’ recent fleet discipline is needed now more than ever.

Hertz, Avis Autonomy Partnerships: Good First Steps on a Long Path

Two new autonomous vehicle project partnerships bring the importance of fleet management to the fore.

An Inside Look at Car Rental in China

A trip to a new car rental convention in Guangzhou reveals a booming market, yet one facing unique challenges.

Job Finder: Access Top Talent. Fill Key Positions.

>