Press Release

DBRS Assigns New Ratings, Confirms, and Upgrades Certain Avis Budget Rental Car Funding (AESOP) LLC Series

Auto

September 09, 2013

DBRS, Inc. (DBRS) has today assigned new ratings for five series of Class C Notes as indicated below. The newly created Class C Notes were issued subject to the satisfaction of certain conditions precedent in each Series Supplement that strive to ensure the issuance of the Class C Notes do not adversely impact the credit terms of the Class A and Class B Notes for each affected Series.

--Series 2011-3 Notes, Class C rated BBB (low) (sf)
--Series 2011-5 Notes, Class C rated BBB (low) (sf)
--Series 2012-2 Notes, Class C rated BBB (low) (sf)
--Series 2012-3 Notes, Class C rated BBB (low) (sf)
--Series 2013-1 Notes, Class C rated BBB (low) (sf)

The Class B Notes for each affected Series were upgraded to ‘A’ (low) (sf) after consideration of transaction performance and available credit enhancement and DBRS has confirmed the existing ratings assigned by DBRS to certain Series and Classes of Rental Car Asset Backed Notes as detailed below.

--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 upgraded to ‘A’ (low) (sf)
--Series 2011-5 Notes, Class A confirmed at AAA (sf)
--Series 2011-5 Notes, Class B upgraded to ‘A’ (low) (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 upgraded to ‘A’ (low) (sf)
--Series 2012-3 Notes, Class A confirmed at AAA (sf)
--Series 2012-3 Notes, Class B upgraded to ‘A’ (low) (sf)
– Series 2013-1 Notes, Class A confirmed at AAA (sf)
– Series 2013-1 Notes, Class B upgraded to ‘A’ (low) (sf)

DBRS has also discontinued the following ratings due to repayment of the notes:

--Series 2010-2 Notes, Class A previously rated AAA (sf) now rated Discontinued--Repaid
--Series 2010-2 Notes, Class B previously rated BBB (high) (sf) now rated Discontinued--Repaid

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
09-Sep-13	Series 2010-2 Notes, Class A	Discontinued	--	Disc.-Repaid	US
09-Sep-13	Series 2010-2 Notes, Class B	Discontinued	--	Disc.-Repaid	US

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

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

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

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

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

Date Issued	Debt Rated	Rating	Trend	Action	Attributesi
09-Sep-13	Series 2011-3 Notes, Class A	AAA (sf)	--	Confirmed	US
09-Sep-13	Series 2011-3 Notes, Class B	A (low) (sf)	--	Upgraded	US
09-Sep-13	Class C	BBB (low) (sf)	--	New Rating	US

Date Issued	Debt Rated	Rating	Trend	Action	Attributesi
09-Sep-13	Class A	AAA (sf)	--	Confirmed	US
09-Sep-13	Class B	A (low) (sf)	--	Upgraded	US
09-Sep-13	Class C	BBB (low) (sf)	--	New Rating	US

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

Date Issued	Debt Rated	Rating	Trend	Action	Attributesi
09-Sep-13	Class A	AAA (sf)	--	Confirmed	US
09-Sep-13	Class B	A (low) (sf)	--	Upgraded	US
09-Sep-13	Class C	BBB (low) (sf)	--	New Rating	US

Date Issued	Debt Rated	Rating	Trend	Action	Attributesi
09-Sep-13	Series 2012-3 Notes, Class A	AAA (sf)	--	Confirmed	US
09-Sep-13	Series 2012-3 Notes, Class B	A (low) (sf)	--	Upgraded	US
09-Sep-13	Class C	BBB (low) (sf)	--	New Rating	US

Date Issued	Debt Rated	Rating	Trend	Action	Attributesi
09-Sep-13	Series 2013-1 Notes, Class A	AAA (sf)	--	Confirmed	US
09-Sep-13	Series 2013-1 Notes, Class B	A (low) (sf)	--	Upgraded	US
09-Sep-13	Class C	BBB (low) (sf)	--	New Rating	US

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

Series 2010-2 Notes, Class A

Date Issued:Sep 9, 2013
Rating Action:Disc.-Repaid
Ratings:Discontinued
Trend:--
Rating Recovery:
Issued:US

Series 2010-2 Notes, Class B

Date Issued:Sep 9, 2013
Rating Action:Disc.-Repaid
Ratings:Discontinued
Trend:--
Rating Recovery:
Issued:US

Avis Budget Rental Car Funding (AESOP) LLC, Series 2010-3

Series 2010-3 Notes, Class A

Date Issued:Sep 9, 2013
Rating Action:Confirmed
Ratings:AAA (sf)
Trend:--
Rating Recovery:
Issued:USE

Series 2010-3 Notes, Class B

Date Issued:Sep 9, 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:Sep 9, 2013
Rating Action:Confirmed
Ratings:AAA (sf)
Trend:--
Rating Recovery:
Issued:USE

Series 2010-4 Notes, Class B

Date Issued:Sep 9, 2013
Rating Action:Confirmed
Ratings:BBB (high) (sf)
Trend:--
Rating Recovery:
Issued:USE

Series 2010-4 Notes, Class C

Date Issued:Sep 9, 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:Sep 9, 2013
Rating Action:Confirmed
Ratings:AAA (sf)
Trend:--
Rating Recovery:
Issued:US

Series 2010-5 Notes, Class B

Date Issued:Sep 9, 2013
Rating Action:Confirmed
Ratings:BBB (high) (sf)
Trend:--
Rating Recovery:
Issued:US

Series 2010-5 Notes, Class C

Date Issued:Sep 9, 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:Sep 9, 2013
Rating Action:Confirmed
Ratings:AAA (sf)
Trend:--
Rating Recovery:
Issued:USE

Series 2011-1 Notes, Class B

Date Issued:Sep 9, 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:Sep 9, 2013
Rating Action:Confirmed
Ratings:AAA (sf)
Trend:--
Rating Recovery:
Issued:USE

Series 2011-2 Notes, Class B

Date Issued:Sep 9, 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:Sep 9, 2013
Rating Action:Confirmed
Ratings:AAA (sf)
Trend:--
Rating Recovery:
Issued:US

Series 2011-3 Notes, Class B

Date Issued:Sep 9, 2013
Rating Action:Upgraded
Ratings:A (low) (sf)
Trend:--
Rating Recovery:
Issued:US

Class C

Date Issued:Sep 9, 2013
Rating Action:New Rating
Ratings:BBB (low) (sf)
Trend:--
Rating Recovery:
Issued:US

Avis Budget Rental Car Funding (AESOP) LLC, Series 2011-5

Class A

Date Issued:Sep 9, 2013
Rating Action:Confirmed
Ratings:AAA (sf)
Trend:--
Rating Recovery:
Issued:US

Class B

Date Issued:Sep 9, 2013
Rating Action:Upgraded
Ratings:A (low) (sf)
Trend:--
Rating Recovery:
Issued:US

Class C

Date Issued:Sep 9, 2013
Rating Action:New Rating
Ratings:BBB (low) (sf)
Trend:--
Rating Recovery:
Issued:US

Avis Budget Rental Car Funding (AESOP) LLC, Series 2012-1

Class A

Date Issued:Sep 9, 2013
Rating Action:Confirmed
Ratings:AAA (sf)
Trend:--
Rating Recovery:
Issued:USE

Class B

Date Issued:Sep 9, 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:Sep 9, 2013
Rating Action:Confirmed
Ratings:AAA (sf)
Trend:--
Rating Recovery:
Issued:US

Class B

Date Issued:Sep 9, 2013
Rating Action:Upgraded
Ratings:A (low) (sf)
Trend:--
Rating Recovery:
Issued:US

Class C

Date Issued:Sep 9, 2013
Rating Action:New Rating
Ratings:BBB (low) (sf)
Trend:--
Rating Recovery:
Issued:US

Avis Budget Rental Car Funding (AESOP) LLC, Series 2012-3

Series 2012-3 Notes, Class A

Date Issued:Sep 9, 2013
Rating Action:Confirmed
Ratings:AAA (sf)
Trend:--
Rating Recovery:
Issued:US

Series 2012-3 Notes, Class B

Date Issued:Sep 9, 2013
Rating Action:Upgraded
Ratings:A (low) (sf)
Trend:--
Rating Recovery:
Issued:US

Class C

Date Issued:Sep 9, 2013
Rating Action:New Rating
Ratings:BBB (low) (sf)
Trend:--
Rating Recovery:
Issued:US

Avis Budget Rental Car Funding (AESOP) LLC, Series 2013-1

Series 2013-1 Notes, Class A

Date Issued:Sep 9, 2013
Rating Action:Confirmed
Ratings:AAA (sf)
Trend:--
Rating Recovery:
Issued:US

Series 2013-1 Notes, Class B

Date Issued:Sep 9, 2013
Rating Action:Upgraded
Ratings:A (low) (sf)
Trend:--
Rating Recovery:
Issued:US

Class C

Date Issued:Sep 9, 2013
Rating Action:New Rating
Ratings:BBB (low) (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.

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