DBRS Confirms Outstanding Ratings on Rental Car Finance Corp.

DBRS has today confirmed its ratings to the following classes issued by Rental Car Finance Corp.:

• Rental Car Asset Backed Variable Funding Notes, Series 2010-1 rated AA (sf)
• Rental Car Asset Backed Variable Funding Notes, Series 2010-3 rated AA (sf)
• Rental Car Asset Backed Variable Funding Notes, Series 2011-1 Class A rated AAA (sf)
• Rental Car Asset Backed Variable Funding Notes, Series 2011-1 Class B rated A (sf)

These confirmations are provided as a result of modifications made to the Series 2010-3 that include an extension of the facility maturity date, an increase in the allowable amount of program vehicles, and a reduction in the available credit enhancement. The extension of the maturity date does not impact the assigned rating to Series 2010-3 as DBRS criteria assumes a fleet liquidation prior to or at the expected maturity date. With respect to the allowable increase in the amount of program vehicles, DBRS criteria contemplates independent credit enhancement calculations for both program and non-program vehicles. As a result, available credit enhancement is a dynamic calculation and the increase in the amount of program vehicles does not adversely impact the available credit enhancement. Finally, nothwithstanding the reduction in overall credit enhancement, the transaction is able to withstand bankruptcy stay and liquidation periods and residual value losses consistent with DBRS criteria for the assigned rating category.

Note:
All figures are in U.S. dollars unless otherwise noted.

The applicable methodology is Rating U.S. Rental Car Securitizations, and DBRS Master U.S. Surveillance Methodology, which can be found on our website under Methodologies.
which can be found on our website under Methodologies.