DBRS Assigns Ratings to Avis Budget Rental Car Funding (AESOP) LLC, Series 2010-6

DBRS, Inc. (DBRS) has today assigned ratings to Avis Budget Rental Car Funding (AESOP) LLC, Series 2010-6 as listed below:

• Series 2010-6, Variable Funding Notes rated ‘A’ (sf)

The DBRS analysis of the present transaction incorporated several analytical changes relative the approach taken for prior Avis Budget rental car transactions as noted below.

• In the past DBRS has assumed a liquidation horizon that assumed vehicle disposals were heavily concentrated towards the end of the liquidation period. For the present transaction, DBRS assumed a more orderly liquidation profile to better reflect the expected disposition scheme during the liquidation period. This approach to stay and liquidation periods remain consistent with those published in the DBRS “Rating U.S. Rental Car Securitizations” methodology.

• Consistent with analysis of prior rental car transactions and with DBRS published methodology; DBRS considers the impact of vehicles that become casualties. However, in the present transaction, the analysis of casualty vehicles focused on the casualty experience solely during the stay period, where in prior transactions DBRS considered the casualty experience for an entire model year. DBRS believes this approach better reflects expectations under stress and more accurately aligns the transaction’s potential exposure window to vehicles that become casualties.

Notes:
All figures are in USD 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.