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Avis - buybacks on pause till back-end of the year

CONSUMER CYCLICALS

Avis (B1/BB-) management on 30%+ sell-off in equities since Q4 earnings; "considerable overreaction to short-term issue" & would consider share buybacks at these prices BUT tend to allocate capital in back-half of year (after they see how things are playing out) - some reassurance there for credit but somewhat expected.

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