TULSA, Okla., May 14, 2012 // PRNewswire // -- Dollar Thrifty Automotive Group, Inc. (NYSE: DTG) today reported that on May 11, 2012 Moody's Investor Services raised the Company's corporate family rating to B1. The Company noted that the Company's corporate family rating is factored into the collateral enhancement requirements under its securitized fleet financing facilities, and this upgrade will allow the Company to reduce its collateral enhancement requirements by up to $75 million over time as existing facilities are refinanced.
"We are pleased that our strong operating results, well-established position in the value segment of the rental car market and the strength of our balance sheet resulted in this upgrade," said Scott L. Thompson, Chairman, President and Chief Executive Officer. "Over time, the improved rating will result in a reduction in required collateral enhancement of up to $75 million, which will allow those funds to be utilized for other corporate purposes."
Through its Dollar Rent A Car and Thrifty Car Rental brands, the Company has been serving value-conscious leisure and business travelers since 1950. The Company maintains a strong presence in domestic leisure travel in virtually all of the top U.S. and Canadian airport markets, and also derives a significant portion of its revenue from international travelers to the U.S. under contracts with various international tour operators. Dollar and Thrifty have approximately 280 corporate locations in the United States and Canada, with approximately 5,900 employees located mainly in North America. In addition to its corporate operations, the Company maintains global service capabilities through an expansive franchise network of approximately 1,300 franchise locations in 82 countries. For additional information, visit www.dtag.com or the brand sites at www.dollar.com and www.thrifty.com.
This release contains certain forward-looking statements, which reflect management's expectations regarding future events and operating performance and speak only as of the date hereof. These forward-looking statements involve a number of risks and uncertainties. The factors that could cause actual results to differ materially from our expectations are detailed in the Company's filings with the Securities and Exchange Commission, such as its annual and quarterly reports.
SOURCE Dollar Thrifty Automotive Group, Inc.
H. Clifford Buster III
Chief Financial Officer
both of Dollar Thrifty Automotive Group, Inc.