Hertz senior unsecured debt rating downgraded by Fitch

Fitch Ratings downgraded Hertz’s senior unsecured debt rating to “CCC-” from “CCC+.” Hertz’s “B-” long-term issuer default rating and debt ratings remain on “Rating Watch Negative. The downgrade of the senior unsecured debt rating reflects structural subordination and Fitch’s expectation that following the recently concluded secured issuances, recovery prospects for unsecured debt holders “will be poor under a stress scenario, given the increased proportion of secured debt in the capital structure.”