Press Release

DBRS Confirms Ratings to Avis Budget Rental Car Funding (AESOP) LLC

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November 25, 2013

DBRS, Inc. (DBRS) has confirmed the ratings to various Series and Classes of Notes issued by Avis Budget Rental Car Funding (AESOP) LLC, as listed below: The confirmation relates to DBRS review of the Second Amended and Restated Series 2011-4 Supplement dated November 22, 2013.

--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 2010-6 Notes, Variable Funding Notes confirmed at ‘A’ (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 to ‘A’ (low) (sf)
--Series 2011-3 Notes, Class C confirmed to BBB (low) (sf)
--Series 2011-5 Notes, Class A confirmed at AAA (sf)
--Series 2011-5 Notes, Class B confirmed to ‘A’ (low) (sf)
--Series 2011-5 Notes, Class C confirmed to BBB (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 confirmed to ‘A’ (low) (sf)
--Series 2012-2 Notes, Class C confirmed to BBB (low) (sf)
--Series 2012-3 Notes, Class A confirmed at AAA (sf)
--Series 2012-3 Notes, Class B confirmed to ‘A’ (low) (sf)
--Series 2012-3 Notes, Class C confirmed to BBB (low) (sf)
--Series 2013-1 Notes, Class A confirmed at AAA (sf)
--Series 2013-1 Notes, Class B confirmed to ‘A’ (low) (sf)
--Series 2013-1 Notes, Class C confirmed to BBB (low) (sf)
--Series 2013-2 Notes, Class A confirmed at AAA (sf)
--Series 2013-2 Notes, Class B confirmed to BBB (high) (sf)

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.

Ratings

Avis Budget Rental Car Funding (AESOP) LLC, Series 2010-3
  • Date Issued:Nov 25, 2013
  • Rating Action:Confirmed
  • Ratings:AAA (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:USE
  • Date Issued:Nov 25, 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:Nov 25, 2013
  • Rating Action:Confirmed
  • Ratings:AAA (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:USE
  • Date Issued:Nov 25, 2013
  • Rating Action:Confirmed
  • Ratings:BBB (high) (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:USE
  • Date Issued:Nov 25, 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:Nov 25, 2013
  • Rating Action:Confirmed
  • Ratings:AAA (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:US
  • Date Issued:Nov 25, 2013
  • Rating Action:Confirmed
  • Ratings:BBB (high) (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:US
  • Date Issued:Nov 25, 2013
  • Rating Action:Confirmed
  • Ratings:BBB (low) (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:US
Avis Budget Rental Car Funding (AESOP) LLC, Series 2010-6
  • Date Issued:Nov 25, 2013
  • Rating Action:Confirmed
  • Ratings:A (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:USE
Avis Budget Rental Car Funding (AESOP) LLC, Series 2011-2
  • Date Issued:Nov 25, 2013
  • Rating Action:Confirmed
  • Ratings:AAA (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:USE
  • Date Issued:Nov 25, 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:Nov 25, 2013
  • Rating Action:Confirmed
  • Ratings:AAA (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:US
  • Date Issued:Nov 25, 2013
  • Rating Action:Confirmed
  • Ratings:A (low) (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:US
  • Date Issued:Nov 25, 2013
  • Rating Action:Confirmed
  • Ratings:BBB (low) (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:US
Avis Budget Rental Car Funding (AESOP) LLC, Series 2011-5
  • Date Issued:Nov 25, 2013
  • Rating Action:Confirmed
  • Ratings:AAA (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:US
  • Date Issued:Nov 25, 2013
  • Rating Action:Confirmed
  • Ratings:A (low) (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:US
  • Date Issued:Nov 25, 2013
  • Rating Action:Confirmed
  • Ratings:BBB (low) (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:US
Avis Budget Rental Car Funding (AESOP) LLC, Series 2012-1
  • Date Issued:Nov 25, 2013
  • Rating Action:Confirmed
  • Ratings:AAA (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:USE
  • Date Issued:Nov 25, 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:Nov 25, 2013
  • Rating Action:Confirmed
  • Ratings:AAA (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:US
  • Date Issued:Nov 25, 2013
  • Rating Action:Confirmed
  • Ratings:A (low) (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:US
  • Date Issued:Nov 25, 2013
  • Rating Action:Confirmed
  • Ratings:BBB (low) (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:US
Avis Budget Rental Car Funding (AESOP) LLC, Series 2012-3
  • Date Issued:Nov 25, 2013
  • Rating Action:Confirmed
  • Ratings:AAA (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:US
  • Date Issued:Nov 25, 2013
  • Rating Action:Confirmed
  • Ratings:A (low) (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:US
  • Date Issued:Nov 25, 2013
  • Rating Action:Confirmed
  • Ratings:BBB (low) (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:US
Avis Budget Rental Car Funding (AESOP) LLC, Series 2013-1
  • Date Issued:Nov 25, 2013
  • Rating Action:Confirmed
  • Ratings:AAA (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:US
  • Date Issued:Nov 25, 2013
  • Rating Action:Confirmed
  • Ratings:A (low) (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:US
  • Date Issued:Nov 25, 2013
  • Rating Action:Confirmed
  • Ratings:BBB (low) (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:US
Avis Budget Rental Car Funding (AESOP) LLC, Series 2013-2
  • Date Issued:Nov 25, 2013
  • Rating Action:Confirmed
  • Ratings:AAA (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:US
  • Date Issued:Nov 25, 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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