S&P and Fitch Cut Hertz Credit Ratings Deeper Into Junk

S&P Global Ratings downgraded Hertz Global Holdings Inc.’s rating by one notch to B+ from BB- and said there is a chance of another downgrade in the next year if a key measure of earnings remains under pressure, or if its debt level rises too much by one metric.

• Fitch Ratings also cut Hertz ratings, lowering the long-term issuer default grade of Hertz Corp. to B- from B while maintaining a negative rating outlook, citing weak operating performance
• S&P cut the ratings for Hertz’s senior unsecured notes to B from B+
  • Analysts wrote in a note on Tuesday, “We ...