DBRS Assigns Provisional Ratings to ARI Fleet Lease Trust 2012-A

DBRS, Inc. (DBRS) has assigned provisional ratings to the notes issued by ARI Fleet Lease Trust 2012-A. Automotive Rentals, Inc. (“ARI”), the Sponsor and Servicer, was founded in 1948, and is a 100% wholly owned indirect subsidiary of Holman Enterprises, Inc. Within the overall fleet lease industry, ARI is the second largest provider of fleet management services for vehicles throughout North America based on number of funded and managed vehicles. ARI finances leases to corporations. ARI’s corporate client base consists primarily of geographically diversified businesses across a wide range of industry types. This transaction is being structured as a Rule 144A transaction. The credit enhancement of 8.26% will include a reserve fund (1.0% of the pool balance), funded at inception and non-declining), a yield supplement account and overcollateralization of 7.26%. Credit enhancement levels are sufficient to support DBRS loss coverage multiple assumptions under various stress scenarios.

The full report providing additional analytical detail is available by clicking on the link or by contacting us at info@dbrs.com.

The Rule 17g-7 Report of Representations and Warranties is hereby incorporated by reference and can be found by clicking on the link or by contacting us at info@dbrs.com.

This rating is endorsed by DBRS Ratings Limited for use in the European Union.