Hertz Notes Set New Low as Moody’s Cuts Outlook to Negative

Hetz Global Holdings Inc. bonds dropped Tuesday as Moody’s Ratings changed the car rental company’s outlook to negative from stable.

• Hertz’s 4.625% bond maturing in December 2026 fell 3.5 cents on the dollar to 76 cents as of 2:53 p.m. New York time, according to Trace bond trading data
  • The price set a new intraday record low, pushing the yield to 17%
  • The bonds were among the worst performers in high-yield trading Tuesday
• Hertz’s 5% note due December 2029 dropped 1 cent on the dollar to 70 cents
• Moody’s negative outlook reflects the company’s “very weak earnings” and the ...