The Company You Keep

Freed, Dan
April 2006
Investment Dealers' Digest;4/10/2006, Vol. 72 Issue 14, p12
Trade Publication
The article reports on the decision made by Cendant Car Rental Group to sell 1 billion dollars worth of junk bonds to take out lower-coupon asset-backed debt secured by its fleet of vehicles. Their move was considered counterintuitive, which seems to be driven by the deteriorating credit quality of General Motors Corp., who constitute a large percentage of cars from the fleet of Cendant Car Rental Group.


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