Fitch Cuts Hertz Rating
Fitch cites "deterioration in the rental car market and some near-term refinancing risk" as reason for cut.
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.
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