With the purchase of fleet leasing giant PHH Vehicle Management Services Corp. from Cendant Corp., Avis Rent a Car Inc. is seen as becoming a more active player in the ABS marketplace.

In acquiring the fleet operations from Cendant, Avis also picked up approximately $3.2 billion in debt, much of which had been financed in the medium-term note market through one-year and 18-month fixed and floating-rate debt.

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