Press Release

DBRS Confirms Ratings to Multiple Series Issued by Avis Budget Rental Car Funding (AESOP) LLC

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August 20, 2013

DBRS, Inc. (DBRS) has today confirmed ratings to the following notes issued by Avis Budget Rental Car Funding (AESOP) LLC:

--Series 2010-2 Notes, Class A confirmed at AAA (sf)
--Series 2010-2 Notes, Class B confirmed at BBB (high) (sf)
--Series 2010-3 Notes, Class A confirmed at AAA (sf)
--Series 2010-3 Notes, Class B confirmed at BBB (high) (sf)
--Series 2010-4 Notes, Class A confirmed at AAA (sf)
--Series 2010-4 Notes, Class B confirmed at BBB (high) (sf)
--Series 2010-4 Notes, Class C confirmed at BBB (low) (sf)
--Series 2010-5 Notes, Class A confirmed at AAA (sf)
--Series 2010-5 Notes, Class B confirmed at BBB (high) (sf)
--Series 2010-5 Notes, Class C confirmed at BBB (low) (sf)
--Series 2011-1 Notes, Class A confirmed at AAA (sf)
--Series 2011-1 Notes, Class B confirmed at BBB (high) (sf)
--Series 2011-2 Notes, Class A confirmed at AAA (sf)
--Series 2011-2 Notes, Class B confirmed at BBB (high) (sf)
--Series 2011-3 Notes, Class A confirmed at AAA (sf)
--Series 2011-3 Notes, Class B confirmed at BBB (high) (sf)
--Series 2011-5 Notes, Class A confirmed at AAA (sf)
--Series 2011-5 Notes, Class B confirmed at BBB (high) (sf)
--Series 2012-1 Notes, Class A confirmed at AAA (sf)
--Series 2012-1 Notes, Class B confirmed at BBB (high) (sf)
--Series 2012-2 Notes, Class A confirmed at AAA (sf)
--Series 2012-2 Notes, Class B confirmed at BBB (high) (sf)
--Series 2012-3 Notes, Class A confirmed at AAA (sf)
--Series 2012-3 Notes, Class B confirmed at BBB (high) (sf)
– Series 2013-1 Notes, Class A confirmed at AAA (sf)
– Series 2013-1 Notes, Class B confirmed at BBB (high) (sf)

The collateral supporting the transactions is performing within DBRS expectations and available credit enhancement for each class is sufficient to cover DBRS expected losses.

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

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

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

Ratings

Avis Budget Rental Car Funding (AESOP) LLC, Series 2010-2
  • Date Issued:Aug 20, 2013
  • Rating Action:Confirmed
  • Ratings:AAA (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:USE
  • Date Issued:Aug 20, 2013
  • Rating Action:Confirmed
  • Ratings:BBB (high) (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:USE
Avis Budget Rental Car Funding (AESOP) LLC, Series 2010-3
  • Date Issued:Aug 20, 2013
  • Rating Action:Confirmed
  • Ratings:AAA (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:USE
  • Date Issued:Aug 20, 2013
  • Rating Action:Confirmed
  • Ratings:BBB (high) (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:USE
Avis Budget Rental Car Funding (AESOP) LLC, Series 2010-4
  • Date Issued:Aug 20, 2013
  • Rating Action:Confirmed
  • Ratings:AAA (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:USE
  • Date Issued:Aug 20, 2013
  • Rating Action:Confirmed
  • Ratings:BBB (high) (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:USE
  • Date Issued:Aug 20, 2013
  • Rating Action:Confirmed
  • Ratings:BBB (low) (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:USE
Avis Budget Rental Car Funding (AESOP) LLC, Series 2010-5
  • Date Issued:Aug 20, 2013
  • Rating Action:Confirmed
  • Ratings:AAA (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:US
  • Date Issued:Aug 20, 2013
  • Rating Action:Confirmed
  • Ratings:BBB (high) (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:US
  • Date Issued:Aug 20, 2013
  • Rating Action:Confirmed
  • Ratings:BBB (low) (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:US
Avis Budget Rental Car Funding (AESOP) LLC, Series 2011-1
  • Date Issued:Aug 20, 2013
  • Rating Action:Confirmed
  • Ratings:AAA (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:USE
  • Date Issued:Aug 20, 2013
  • Rating Action:Confirmed
  • Ratings:BBB (high) (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:USE
Avis Budget Rental Car Funding (AESOP) LLC, Series 2011-2
  • Date Issued:Aug 20, 2013
  • Rating Action:Confirmed
  • Ratings:AAA (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:USE
  • Date Issued:Aug 20, 2013
  • Rating Action:Confirmed
  • Ratings:BBB (high) (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:USE
Avis Budget Rental Car Funding (AESOP) LLC, Series 2011-3
  • Date Issued:Aug 20, 2013
  • Rating Action:Confirmed
  • Ratings:AAA (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:US
  • Date Issued:Aug 20, 2013
  • Rating Action:Confirmed
  • Ratings:BBB (high) (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:US
Avis Budget Rental Car Funding (AESOP) LLC, Series 2011-5
  • Date Issued:Aug 20, 2013
  • Rating Action:Confirmed
  • Ratings:AAA (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:US
  • Date Issued:Aug 20, 2013
  • Rating Action:Confirmed
  • Ratings:BBB (high) (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:US
Avis Budget Rental Car Funding (AESOP) LLC, Series 2012-1
  • Date Issued:Aug 20, 2013
  • Rating Action:Confirmed
  • Ratings:AAA (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:USE
  • Date Issued:Aug 20, 2013
  • Rating Action:Confirmed
  • Ratings:BBB (high) (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:USE
Avis Budget Rental Car Funding (AESOP) LLC, Series 2012-2
  • Date Issued:Aug 20, 2013
  • Rating Action:Confirmed
  • Ratings:AAA (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:US
  • Date Issued:Aug 20, 2013
  • Rating Action:Confirmed
  • Ratings:BBB (high) (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:US
Avis Budget Rental Car Funding (AESOP) LLC, Series 2012-3
  • Date Issued:Aug 20, 2013
  • Rating Action:Confirmed
  • Ratings:AAA (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:US
  • Date Issued:Aug 20, 2013
  • Rating Action:Confirmed
  • Ratings:BBB (high) (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:US
Avis Budget Rental Car Funding (AESOP) LLC, Series 2013-1
  • Date Issued:Aug 20, 2013
  • Rating Action:Confirmed
  • Ratings:AAA (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:US
  • Date Issued:Aug 20, 2013
  • Rating Action:Confirmed
  • Ratings:BBB (high) (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:US
  • US = Lead Analyst based in USA
  • CA = Lead Analyst based in Canada
  • EU = Lead Analyst based in EU
  • UK = Lead Analyst based in UK
  • E = EU endorsed
  • U = UK endorsed
  • Unsolicited Participating With Access
  • Unsolicited Participating Without Access
  • Unsolicited Non-participating

ALL MORNINGSTAR DBRS RATINGS ARE SUBJECT TO DISCLAIMERS AND CERTAIN LIMITATIONS. PLEASE READ THESE DISCLAIMERS AND LIMITATIONS AND ADDITIONAL INFORMATION REGARDING MORNINGSTAR DBRS RATINGS, INCLUDING DEFINITIONS, POLICIES, RATING SCALES AND METHODOLOGIES.

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