Press Release

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

Auto

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	Debt Rated	Rating	Trend	Action	Attributesi
20-Aug-13	Series 2010-2 Notes, Class A	AAA (sf)	--	Confirmed	US E
20-Aug-13	Series 2010-2 Notes, Class B	BBB (high) (sf)	--	Confirmed	US E

Date Issued	Debt Rated	Rating	Trend	Action	Attributesi
20-Aug-13	Series 2010-3 Notes, Class A	AAA (sf)	--	Confirmed	US E
20-Aug-13	Series 2010-3 Notes, Class B	BBB (high) (sf)	--	Confirmed	US E

Date Issued	Debt Rated	Rating	Trend	Action	Attributesi
20-Aug-13	Series 2010-4 Notes, Class A	AAA (sf)	--	Confirmed	US E
20-Aug-13	Series 2010-4 Notes, Class B	BBB (high) (sf)	--	Confirmed	US E
20-Aug-13	Series 2010-4 Notes, Class C	BBB (low) (sf)	--	Confirmed	US E

Date Issued	Debt Rated	Rating	Trend	Action	Attributesi
20-Aug-13	Series 2010-5 Notes, Class A	AAA (sf)	--	Confirmed	US
20-Aug-13	Series 2010-5 Notes, Class B	BBB (high) (sf)	--	Confirmed	US
20-Aug-13	Series 2010-5 Notes, Class C	BBB (low) (sf)	--	Confirmed	US

Date Issued	Debt Rated	Rating	Trend	Action	Attributesi
20-Aug-13	Series 2011-1 Notes, Class A	AAA (sf)	--	Confirmed	US E
20-Aug-13	Series 2011-1 Notes, Class B	BBB (high) (sf)	--	Confirmed	US E

Date Issued	Debt Rated	Rating	Trend	Action	Attributesi
20-Aug-13	Series 2011-2 Notes, Class A	AAA (sf)	--	Confirmed	US E
20-Aug-13	Series 2011-2 Notes, Class B	BBB (high) (sf)	--	Confirmed	US E

Date Issued	Debt Rated	Rating	Trend	Action	Attributesi
20-Aug-13	Series 2011-3 Notes, Class A	AAA (sf)	--	Confirmed	US
20-Aug-13	Series 2011-3 Notes, Class B	BBB (high) (sf)	--	Confirmed	US

Date Issued	Debt Rated	Rating	Trend	Action	Attributesi
20-Aug-13	Class A	AAA (sf)	--	Confirmed	US
20-Aug-13	Class B	BBB (high) (sf)	--	Confirmed	US

Date Issued	Debt Rated	Rating	Trend	Action	Attributesi
20-Aug-13	Class A	AAA (sf)	--	Confirmed	US E
20-Aug-13	Class B	BBB (high) (sf)	--	Confirmed	US E

Date Issued	Debt Rated	Rating	Trend	Action	Attributesi
20-Aug-13	Class A	AAA (sf)	--	Confirmed	US
20-Aug-13	Class B	BBB (high) (sf)	--	Confirmed	US

Date Issued	Debt Rated	Rating	Trend	Action	Attributesi
20-Aug-13	Series 2012-3 Notes, Class A	AAA (sf)	--	Confirmed	US
20-Aug-13	Series 2012-3 Notes, Class B	BBB (high) (sf)	--	Confirmed	US

Date Issued	Debt Rated	Rating	Trend	Action	Attributesi
20-Aug-13	Series 2013-1 Notes, Class A	AAA (sf)	--	Confirmed	US
20-Aug-13	Series 2013-1 Notes, Class B	BBB (high) (sf)	--	Confirmed	US

Avis Budget Rental Car Funding (AESOP) LLC, Series 2010-2

Series 2010-2 Notes, Class A

Date Issued:Aug 20, 2013
Rating Action:Confirmed
Ratings:AAA (sf)
Trend:--
Rating Recovery:
Issued:USE

Series 2010-2 Notes, Class B

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

Series 2010-3 Notes, Class A

Date Issued:Aug 20, 2013
Rating Action:Confirmed
Ratings:AAA (sf)
Trend:--
Rating Recovery:
Issued:USE

Series 2010-3 Notes, Class B

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

Series 2010-4 Notes, Class A

Date Issued:Aug 20, 2013
Rating Action:Confirmed
Ratings:AAA (sf)
Trend:--
Rating Recovery:
Issued:USE

Series 2010-4 Notes, Class B

Date Issued:Aug 20, 2013
Rating Action:Confirmed
Ratings:BBB (high) (sf)
Trend:--
Rating Recovery:
Issued:USE

Series 2010-4 Notes, Class C

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

Series 2010-5 Notes, Class A

Date Issued:Aug 20, 2013
Rating Action:Confirmed
Ratings:AAA (sf)
Trend:--
Rating Recovery:
Issued:US

Series 2010-5 Notes, Class B

Date Issued:Aug 20, 2013
Rating Action:Confirmed
Ratings:BBB (high) (sf)
Trend:--
Rating Recovery:
Issued:US

Series 2010-5 Notes, Class C

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

Series 2011-1 Notes, Class A

Date Issued:Aug 20, 2013
Rating Action:Confirmed
Ratings:AAA (sf)
Trend:--
Rating Recovery:
Issued:USE

Series 2011-1 Notes, Class B

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

Series 2011-2 Notes, Class A

Date Issued:Aug 20, 2013
Rating Action:Confirmed
Ratings:AAA (sf)
Trend:--
Rating Recovery:
Issued:USE

Series 2011-2 Notes, Class B

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

Series 2011-3 Notes, Class A

Date Issued:Aug 20, 2013
Rating Action:Confirmed
Ratings:AAA (sf)
Trend:--
Rating Recovery:
Issued:US

Series 2011-3 Notes, Class B

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

Class A

Date Issued:Aug 20, 2013
Rating Action:Confirmed
Ratings:AAA (sf)
Trend:--
Rating Recovery:
Issued:US

Class B

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

Class A

Date Issued:Aug 20, 2013
Rating Action:Confirmed
Ratings:AAA (sf)
Trend:--
Rating Recovery:
Issued:USE

Class B

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

Class A

Date Issued:Aug 20, 2013
Rating Action:Confirmed
Ratings:AAA (sf)
Trend:--
Rating Recovery:
Issued:US

Class B

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

Series 2012-3 Notes, Class A

Date Issued:Aug 20, 2013
Rating Action:Confirmed
Ratings:AAA (sf)
Trend:--
Rating Recovery:
Issued:US

Series 2012-3 Notes, Class B

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

Series 2013-1 Notes, Class A

Date Issued:Aug 20, 2013
Rating Action:Confirmed
Ratings:AAA (sf)
Trend:--
Rating Recovery:
Issued:US

Series 2013-1 Notes, Class B

Date Issued:Aug 20, 2013
Rating Action:Confirmed
Ratings:BBB (high) (sf)
Trend:--
Rating Recovery:
Issued:US

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.

Download This Press Release