Avis Southern Africa Limited
(Registration number 1967/010320/06)
ISIN: ZAE000013371
SHARE CODE: AVS
PRESS RELEASE
For further information call
Andrew Langham on +27(11) 923 3770
Avis Southern Africa ("Avis") announces that CA-Ratings, the South African
affiliate of Standard & Poor"s Ratings Services, has affirmed the long-term and
short-term ratings assigned to Avis for the first time in 2001.
The ratings are zaA+ for long-term debt and zaA1 for short-term debt (less than
one year). These national scale ratings are at levels well into the South
African investment grade, and the symbols record that CA-Ratings views Avis to
have a long term credit strength that is by definition strong relative to other
South African obligors. The short-term credit strength is defined as very
strong.
These credit ratings were arrived at after an extensive review by CA-Ratings
that included full access to any confidential material, and discussions with
senior management on business plans and strategies.
The ratings embrace the fact of Avis" geographical positioning both in southern
Africa and in Scandinavia, with market leader operations in both Norway and
Sweden. They are also designed to be forward-looking over the next three to five
years.
Avis as a business thus remains positioned at a high level relative to its
peers, even those in the USA and Europe.
Credit ratings reflect the capacity of the group to meet financial commitments
on a timely basis.
CA-Ratings opinions apply the internationally accepted criteria developed by
Standard & Poor"s.
Johannesburg
26 March 2003
Sponsor
Rand Merchant Bank
A division of FirstRand Bank Limited
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