Hertz Corporation (The) -- Moody's says Hertz delay in filing financial statements and restricted access to certain ABS Programs are credit negative; Corporate Family Rating unaffected at B1

New York, June 17, 2014 -- Moody's Investors Service said that The Hertz Corporation's (Hertz, B1 stable) failure to file its first-quarter 2014 financial statements is a credit-negative event that has resulted in a restriction on its ability to access certain ABS fleet funding programs. However, the restricted ABS programs are only a portion of Hertz's total vehicle funding resources, and we believe that the company maintains adequate liquidity. Consequently, Hertz's ratings (including B1 Corporate Family Rating, Ba1 secured debt rating, B2 unsecured debt rating and SGL-3 speculative grade liquidity rating) are currently unaffected, and the rating outlook is stable. The rating agency stressed, however, that unless Hertz is able to resolve this reporting problem during the next several months there could be seriously negative consequences for Hertz's liquidity profile and credit ratings.

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